Old Mutual prepares AR fund for Luke Kerr

Old Mutual Asset Managers is to launch a Dublin-domiciled UK equities absolute return fund to be run by Luke Kerr.

The  Old Mutual UK Specialist Absolute Return fund will launch in May and will invest mainly outside the FTSE 100, reflecting the decisions Kerr makes on the Specialist Equity hedge fund he also runs. The new onshore portfolio will allow investors daily liquidity. Long positions will have to display either potential for sustained above-average growth, profit upgrades, or a re-rating of shares. Short positions will have to show the opposite attributes for Kerr to consider investing in them. OMAM's UK mid- and small-cap team, which he joined in 2001, runs about £1bn in funds and m...