SEB's fund of hedge funds arm to launch first Newcits offering

London based fund of hedge funds firm Key Asset Management is launching its first Newcits fund in response to growing demand from its high net worth clients, according to HFMWeek.

With a provisional October launch date, the fund, which has yet to be named, offers daily liquidity and has no maximum capacity.

Although this will be Key Asset Management's first Newcits launch, the firm benefits from the support of its owners, SEB, one of the largest banks in Scandinavia. SEB already offer several funds in the space including the SEB Asset Selection fund which featured on Citywire’s Newcits fund of the week earlier this month.

On the launch Chris Jones, the firm’s chief investment officer said: 'Clients want the comfort of a Ucits stamp, as well as the liquidity that can be offered by Ucits.'