Tosca Plans UCITS Mid-Cap Fund

Mar 4 2010 | 2:41pm ET

Toscafund Asset Management is preparing a UCITS III-compliant version of its US$110 million mid-cap hedge fund.

The UCITS vehicle will launch later this month and follow the same strategy as the existing fund—complying with the stricter UCITS standards requires no change, CEO Martin Hughes told the Reuters Private Equity and Hedge Fund Summit.

The new fund will be offered through Deutsche Bank’s UCITS platform and will offer investors “an alternative to the index-tracking large investment trusts,” Hughes said. He said the decision to go with Deutsche Bank—after nine months of mulling Bank of America’s platform—came down to a name.

The Deutsche Bank platform “lets us keep the name… it will stay Tosca Mid-cap,” Hughes explained.

The UCITS fund will close at US$300 million. Hughes said Tosca is launching the vehicle in response to investor demand.

“We have been asked by private clients to make it available,” he said. “Deutsche Bank has facilitated that and I would expect quite a big interest.”

At the London summit, Hughes also offered his take on British equities, whose prices are so low they are “absurd.”

“My view is that the next five years will be good for equities,” he said. “There’s still value.”


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