Cazenove To Reopen Absolute U.K. Funds

Nov 2 2010 | 2:41am ET

Cazenove Capital Management will reopen its Absolute U.K. Dynamic funds at the end of the year, more than a year after shutting the funds to new investment.

The listed vehicles—a hedge fund and a UCITS III-compliant fund—currently manage £146 million between them, thanks to strong performance since the April exit of manager Neil Pegrum. The two funds suffered a combined £181 million in outflows after Pegrum's departure.

Now, Cazenove will welcome £60 million in new money through share sales beginning on Dec. 28.

"We feel now is the right time to re-open the fund as the team is embedded, the portfolio is working well and liquidity has improved," Robin Minter-Kemp, managing director of investment funds, said. "The team believes it is back on track to achieve the objective of the fund in delivering 10%-plus per annum over the medium term."


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