London-based Strategic Investments Group, in partnership with Permal, has launched the Active Trading Fund, a UCITS III absolute return multi-manager fund. Deutsche Bank also collaborated in the development of the fund, which launched with $250 million.

The ATF becomes the first alternative UCITS multi-advisor fund to invest entirely via separately managed accounts, the firm said. Each account is managed by an active trading fund manager and is owned and set up by ATF, as well as being housed with ATF’s custodian. There is no commingling with other investors. The accounts are all UCITS III-compliant, offering weekly liquidity, full transparency and with independent risk controls.

The mandate to the underlying managers is to generate absolute returns in liquid global markets.

Permal, an alternative investment group, is the investment manager, responsible for ATF fund manager selection, due diligence and asset allocation.

Deutsche Bank is conducting the fund’s independent risk monitoring.

State Street is providing investment and currency management services to the fund in Ireland, where it will be listed.