UK – Zurich Scudder Investments has launched a UK long/short basis hedge fund, Crescendo UK Fund, to be run by Paul Findley.
Findley, who joined the company’s investment department in 1998, manages UK equity portfolios for a number of segregated funds at the manager.

“ The development of our alternative investments class continues with the launch of the Crescendo UK fund, building on the excellent resources within the company. Our investment process and fund management teams have the necessary skills to run both long only and long/short funds, so enabling us to compliment our product range,” says Simon Davies, chief executive of Zurich Scudder Investments.

The fund’s launch follows the establishment of Crescendo European Fund in September 2000. The European fund has returned 9.5% in dollar terms in the last nine month and has grown to US$165m (e194m).

“ The next few months are going to be very important for the fund. It is essential that we start to build up a good performance record as we have done with Crescendo European,” says Findley.

The new fund starts with US$10m and can be traded in weekly until January 1, 2002.