Artemis Investment Management is launching the Artemis Pan European Absolute Return Fund.

Fund manager Artemis is launching the Artemis Pan European Absolute Return Fund.

Subject to regulatory approval, the fund will launch in the third quarter this year, initially for sterling investors. Multi-currency share classes should become available in the fourth quarter, allowing international investors to access the fund. Subject to a high watermark, a performance fee will also apply.

It will be run by managers Tim Steer and Paul Cassin, who joined last year from Henderson.

The fund is based on the Artemis Pan European Hedge Fund strategy, a Cayman Islands-domiciled vehicle managed by Steer since 2009. Between August 2009 and March 2014 the fund posted net annualised returns of 10.9 per cent.

“We are delighted to bring this strategy to a wider audience,” said Richard Pursglove, head of retail at Artemis. “We are doing so in a UCITS fund for the first time, and in a sector that continues to be popular with our clients.”