Dublin-based fund manager Merrion Investment Managers has hired the two-man team of Michael Nicol and Alistair MacDonald from Pengana Capital to manage a new UCITS III European long/short equity hedge fund.
The Merrion European Absolute Return Fund has launched with $20 million and will target an annual absolute return of 15-20%, with volatility between 7.5% and 10%. It will charge a 1.5% management fee and a 20% performance fee over a high-water mark.
Nicol and MacDonald previously managed a long/short equity strategy together at Pengana. Nicol has also managed funds for Scottish Value Management, Martin Currie and Glasgow Investment