‘Black Swan' hedge fund plans UCITS vehicle

36 South, the hedge fund whose ‘Black Swan' vehicle returned 200% in 2008, plans to launch a UCITS version of its long-volatility structure for investors concerned with the current market environment.

36 South CEO and CIO Jerry Haworth said the London-based fund is hoping to launch its first UCITS fund in the third quarter of 2014, in response to what he described as a “burning need” for volatility protection. Marcus Brookes, head of multi-manager at Schroders, told Investment Week earlier this month that 36 South’s Black Eyrar strategy is the only fund he can find that displays sufficient inverse-correlation with equity markets. But he added he could not invest in it due to daily dealing requirements. Speaking to Investment Week, 36 South founder Haworth (pictured) said the group...