Salus Alpha launches special situations Ucits fund

Austrian asset management company Salus Alpha has unveiled its fourth single manager Ucits-compliant hedge fund focusing on special situations.

The Salus Alpha RN Special Situations fund will be managed by former Deutsche Bank managing director Roland Neuwirth.

Between 30%-40% of the fund will be invested in selected companies with up to 70% invested in special situations opportunities. Those will include mergers and acquisitions, changes in capital structure, management changes, share buy-backs, director's dealings, initial public offerings (IPOs) or capital increases, index changes or profit surprises.

The fund will target returns of 10%-15% with a Sharpe ratio of more than 1.0. It will have daily liquidity. The management fee is 2.5% with a 20% performance fee.

Ernst & Young has been appointed as auditor while Erste Group is the fund's custodian.

Salus Alpha also runs a number of Ucits-compliant funds of hedge funds. Assets under management by the company totals around $1 billion.