Millennium Global has launched a multi-strategy fund called Millennium Global Systematic Alpha (MGSA) fund in partnership with Deutsche Bank's managed account platform dbSelect.

The fund provides a return linked to the performance of Millennium's MGSA programme.

This is based on a combination of market neutral country long/short approach and a short-term market timing across four major asset classes: currencies, fixed income, equities and commodities. The returns are expected to have a low correlation to underlying markets over time.

The fund, which is Ucits compliant and offers daily liquidity, will be available to retail and institutional investors. US dollar, euro, sterling, Swiss francs and yen share classes are available.

A low level of minimum institutional investment of $100 is due to a Deutsche Bank policy across all funds hosted on the dbSelect platform. Institutional investors have to be certified through the subscription process and the minimum is designed to enable fine-tuning of investments.

Head of systematic alpha strategies and the fund's co-manager, Arne Hassel, said Millennium was initially marketing to all institutional investors including pension funds, funds of funds and family offices.

Hassel said he expected the fund to have around $50 million under management by the end of the month. The fund has daily liquidity with no restrictions to exit.

Hassel is co-managing the MGSA fund along with Taher Khan. He said the fund was looking to generate returns of around 13%-15% with annualised volatility of around 10%.

He said the backing of Deutsche Bank would help market the fund as well as giving it a "stamp of approval".

The fund is domiciled in Luxembourg with RBC Dexia as the custodian.