Cazenove to re-launch Absolute UK Dynamic

Cazenove is re-opening Absolute UK Dynamic on 4 January after a period of outperformance, which saw the fund recover losses suffered this year.

The group will issue a further £60m of shares across the £71m Ucits fund and the £75m hedge fund, which will re-open to investors on 28 December. The Ucits fund closed to new investment on 14 September last year, just one week after launch, having pulled in £130m in subscriptions. However, both portfolios suffered mass redemptions this year following manager Neil Pegrum’s departure in April, which prompted outflows of £61m from the Ucits fund and £120m from the hedge fund. The funds’ performance was also hit hard by remaining manager Paul Marriage having to sell against a long book...