RWC Partners has raised significant assets for its US equity long short strategy. Two funds have been launched with the same strategy: a Luxembourg Ucits III fund, RWC US Absolute Alpha, and a Cayman-based fund, RWC Biltmore fund.

Both funds seek to deliver consistent absolute returns through investment in large capitalisation US stocks.

Assets over $330 million will be in the funds at launch, with a further $150 million committed over the next two months.

The Ucits fund will start with over $100 million.

The funds will be managed by Mike Corcell as part of a dedicated team of five. Corcell has been managing US equity long short strategies since 1999.

Previously he ran the Threadneedle American Crescendo Fund, a US equity long short fund launched in 2004.

Other members of the team include SAC veteran Gabe Marshank, Alex Robarts (also previously with Threadneedle), Sam Weeman from JP Morgan and trader Hayes Varey.

Over the five years Corcell has managed US equity long short portfolios, the portfolios have had a relatively low gross exposure and have been invested in highly liquid stocks. This profile means RWC US Absolute Alpha will be able to offer daily liquidity and high levels of transparency.

RWC Partners intends for the fund to be registered for sale throughout Europe. It will have share classes that are tax efficient for German and UK investors and will offer fully hedged currency share classes in euro, US dollar and sterling.

RWC Biltmore Fund, which aims to achieve the same objective, is structured as a Cayman master/feeder fund.

RWC Samsara Fund has had net inflows of over $1.5 billion so far this year. RWC Partners, an independent asset manager, currently manages over $3.5 billion.

The company now manages Ucits III funds in of more than $2 billion.