Schroders has unveiled a Ucits III hedge fund platform, launching with a long/short equity fund managed by Egerton Capital.

The platform, Schroder GAIA (Global Alternative Investor Access), will be run jointly by Schroders and its fund of hedge fund (FoHF) subsidiary NewFinance Capital.

NewFinance's business development manager Eric Bertrand said the platform had been in development since 2007.

Bertrand said GAIA would build on Schroders' existing expertise in Ucits funds but would open up hedge fund expertise to more investors.

"Schroders actually believe that there's a convergence between hedge funds and so-called traditional investment. The lines are becoming blurred," Bertrand said.

He said NewFinance would select funds to join the platform. Schroders would have the final say over whether to add a fund.

Bertrand said the Schroder GAIA Egerton European Equity Fund was typical of the types of funds that would join the platform.

The Egerton fund is a long/short equity fund investing in pan-European strategies. Other strategies explored by funds on the platform could include global trading, global macro and commodity trading advisors (CTA).

Bertrand said he expected there would be three to five funds on GAIA by the end of next year. It was unlikely more would be added.

Schroders global product head Gavin Ralston said a Ucits structure offered investors more transparency and regulatory stability.

GAIA is a Luxembourg-domiciled SICAV (open-ended collective investment scheme). Schroders has appointed Brown Brothers Harriman as administrator and custodian for funds on the platform.