FundQuest prepares 2011 launch of newcits Alpha Plus portfolio

FundQuest is set to launch a fund of absolute return newcits funds into the UK market in Q1 next year.

The multi-manager arm of BNP Paribas is launching the euro version of the mandate, FundQuest International Alpha Plus, at the start of next month, pending approval from the Luxembourg regulator. FQI Alpha Plus is a higher-risk version of the €25m FQI Alpha fund, which the group launched in April. While FQI Alpha is targeting cash plus returns of 2%, FQI Alpha Plus will aim to produce returns of 4.5% above cash over three years. The new mandate will hold between eight and 12 funds and will be run by Pierre Dubernard, who manages FQI Alpha. Dubernard will invest 18% in long/short equ...