Pan Reliance Capital Advisors is launching its UCITS-compliant strategy following the closure of its offshore domiciled fund.
The New York-based firm is the second US-based fund of hedge funds to open a UCITS-compliant fund, according to research from Absolute UCITS. The first, Bostwick Compound, was launched within the UCITS framework in November 2011.
The Reliance Multi Adviser British Virgin Island-domiciled fund, opened in 1999. The firm anticipates opening the UCITS-compliant successor fund on 1 June 2012, according to Justin Lowe, managing director for New York-based Pan Reliance Capital Advisors.
He says: “Our European client base is very interested in