RWC Partners opens Pilgrim hedge fund to retail market

RWC Partners is converting its UK hedge fund Pilgrim into a UCITS product to compete with the likes of BlackRock's UK Absolute Alpha fund in the retail market.

On 28 October the fund will redomicile from the Cayman Islands to Luxembourg and become a sub-fund under the group’s SICAV umbrella. It will sit alongside two equity income products run by Nick Purves and Ian Lance and the long/short Europe Absolute Alpha fund, managed by Ajay Gambhir. The Pilgrim fund has been run by John Innes, head of UK equities, who makes directional bets on the market through his long and short positions. Net market exposure ranges from +20% to +80% and gross exposure ranges from 100% to 200%. Dan Mannix, head of business development at RWC, said the fund will ...