F&C Alternative Investment has unveiled a European long/short fund, its third hedge fund offering in the past year. The new fund, F&C Zircon, is a systemic equity fund focusing on statistical arbitrage. 

The vehicle is listed on the Irish Stock Exchange and is managed by Darren Jordan and Phil Robinson, who joined F&C from their own partnership, which ran a strategy similar to Zircon’s.

Zircon is offered in both euro and U.S. dollar share classes, with a minimum investment requirement of €500,000 (US$726,100). It is aimed at institutional investors and is domiciled in the Cayman Islands.

Within the past year, F&C AI, the single-strategy hedge fund division of F&C Asset Management, has also launched fixed-income and foreign exchange volatility, forward-rate bias trading hedge funds.