Funds of Hedge Funds Regulation

FoHF switches to UCITS framework

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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