RWC Partners has announced a further fund in its range of Ucits-compliant hedge funds. The global long/short equity RWC Advance Absolute Alpha Fund will launch on February 16 2010.

The fund will be managed by Priya Kodeeswaran, who joined RWC in November 2009 from Cheyne Capital where he was responsible for a similar strategy.

The Advance Absolute Alpha Fund will focus on companies and industries that are undergoing rapid change or stand to benefit, or lose, from innovation.

The news follows the October 2009 launch of the Ucits III-compliant RWC US Absolute Alpha Fund, which has raised $600m to date.

The Advance Absolute Alpha Fund will offer daily liquidity with euro, US dollar and sterling share classes. RWC will apply for authorisation in Germany, Italy, the UK, Switzerland and France.

RWC chief executive Peter Harrison said the company expected the fund to have lower volatility than broad equity indices with the objective of achieving strong returns uncorrelated to market direction.

The company established its Luxembourg-based Sicav as an umbrella structure for Ucits funds in December 2006. Funds managed within the structure include a long-only convertible bond fund and a multi-strategy absolute return fund.