GWM Launches European Long/Short UCITS Hedge Fund

Aug 2 2010 | 6:16am ET

GWM Group has launched the first of two planned UCITS III-compliant hedge funds.

The firm’s multi-family office division unveiled the regulation-friendly 7H Absolute Fund last week, Hedge Funds Review reports. A second UCITS-compliant vehicle will follow, CEO Peter Sartogo told the magazine.

The 7H fund is a long/short equity vehicle, investing solely in European-listed stocks and options. It is managed by Simone Chelini and Pietropaolo Rinaldo, the co-founders and co-managers of the Italy-focused Unifortune Albatross Fund.

The firm has already raised €50 million for the new fund, and hopes to raise an additional €250 million to €300 million over the next year. Marketing will initially focus on European institutional investors, but will eventually seek U.S. investors, and features both euro-denominated and dollar-denominated share classes.

The 7H fund charges 1.5% for management and 20% for performance, with a high-water mark. The is a €100,000 or US$100,000 minimum investment requirement, and the fund features weekly liquidity.

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