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Cazenove to Launch New Hedge Fund

Stephen Harris

25 April 2006

Cazenove Capital Management is to launch a new equity long/short global macro hedge fund. The Cazenove Absolute Return Fund, which will invest in both emerging and developed markets, will be launched next month with a capacity limit of $1.5 billion. Funds will be split equally between a long bias fund invested in emerging markets; a long bias fund in developed countries; and a short bias fund also in developed countries. Exposure to any single emerging market will be limited to a maximum of 20 per cent. Investments in any single long position will be limited to eight per cent and in any single short position to four per cent. The fund will be managed by Tim Love, who was previously at HSBC Asset Management, Mercury Asset Management, ING Barings and Deutsche Bank. Cazenove Capital Management currently has $850 million in assets under management.