NewSmith Launches UCITS Hedge Fund

Dec 5 2014 | 7:14am ET

London and Tokyo-based NewSmith Asset Management has recently unveiled an UCITS long-short fund aimed at U.K. and European investors.

The vehicle, aptly named the NewSmith European Fund, will be managed by Jean Maigrot, who heads European equity investment at the firm. It follows the same strategy as NewSmith's offshore long-short equity fund, which posted 29% net returns since its inception seven years ago.

The fund has already raised $35 million in seed capital.

"We have seen strong demand from investors for access to our long/short European investment strategy, and this, together with the growing popularity of UCITS structure, drove our decision to launch the fund," said Paul Roy, chairman of NewSmith.

Portfolio manager Maigrot, added: "Many European stocks are trading at a wide discount to U.S. equities. At the same time we are concerned about the outlook for European economic growth, so we see opportunities in long and short positions."

NewSmith Asset Management provides investment services to institutional and high net worth investors around the world. The partnership was established in 2003 and is 40% owned by SuMi TRUST, one of Japan's biggest institutional investors with $676 billion of assets under management.

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