HSBC Alternative Investments has announced the launch of a new UCITS fund of hedge funds.

The HSBC UCITS AdvantEdge fund is designed for institutional and regional investors, offering weekly liquidity. Its will use a combination of discretionary macro, equity market neutral, managed futures, and equity long/short strategies.

“The hedge fund industry is emerging leaner and fitter as weaker participants close down, leaving the surviving providers to reap the rewards from their more robust platforms in 2009 and 2010,” said Tim Gascoigne, global head of portfolio management at HSBC Alternative Investments.