London-based asset manager Liongate Capital Management has launched a sterling denominated multi-strategy tracker. The Barclays-issued note reflects the performance of the Liongate multi-strategy fund and offers access to this fund in a low denomination and tax-efficient format for the first time. The fund is a $1.4 billion fund of hedge funds with a diversified portfolio of niche, distinctive and complementary investment strategies; it was started in April 2004. The note is aimed at investment managers acting for end investors on a discretionary basis, investment managers with appropriate expertise in respect of hedge funds acting for end investors in an advisory capacity and fund managers acting and investing on behalf of a fund. Liongate partner Randall Dillard said: "The fund's objective is to produce positive, consistent returns whilst maintaining low volatility, and in particular to protect returns during falling markets. Investors often sacrifice volatility in order to obtain higher returns".