London-based asset manager Merchant Capital has launched a Russian Phoenix UCITS Fund on its independent UCITS umbrella platform. It is the first in a series of five proposed UCITS fund launches.

The new fund aims to replicate the strategy of an existing long/short product, the Spectrum Russian Phoenix Fund. It predominantly invests in large-cap equities actively traded in the markets of states of the former Soviet Union.

The fund is available to both institutional and retail investors in dollar, euro and sterling share classes, with a minimum investment of 100,000 of any of these currencies for institutions and 20,000 for the professional retail investor.

“We continue to look for compatible and innovative strategies with great track records. Spectrum is one such firm which we believe can successfully replicate its offshore product in an onshore regulated structure,” said George Cadbury, director of asset management for Merchant.

“Merchant Capital are able to bring funds to market much quicker than some of the larger platforms and have a good track record specifically with alternative products. We look forward to creating a long-lasting relationship with the firm,” said Michael Kart, managing partner at Spectrum Partners.