RWC To UCITS-ize U.K. Hedge Fund

Oct 26 2011 | 8:34am ET

RWC Partners is transforming its British hedge fund into a UCITS III-compliant product.

The Pilgrim Fund will redomicile to Luxembourg on Friday, InvestmentWeek reports. The fund, currently domiciled in the Cayman Islands, will be RWC's fourth UCITS product, renamed the RWC UK Pilgrim Fund.

"Given the clarity around the ability to short that now exists in the industry, the confidence we have in the tax efficiency of the UCITS structure and the fund's liquidity, the UCITS III structure is more efficient for us and can be used by a broader range of investors," Daniel Mannix, head of business development, said.

Pilgrim is run by U.K. equities chief John Innes and is up 2.5% this year. It has £22 million in assets under management.

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