Providing clearance is received, the new UCITS fund will launch sometime in the third quarter of 2014, just for sterling investors, with multi-currency share classes becoming available for international investors in the fourth quarter.
Initially two sterling share classes will be made available, an R class with 150bps AMC and I class with 75bps AMC. Subject to a high watermark, a performance fee will apply.
It will follow the same strategy as the Artemis Pan European Hedge Fund (formerly the Artemis UK Hedge Fund), which Steer has managed since 2009.
“We are delighted to bring this strategy to a wider audience," said Richard Pursglove, Artemis' head of retail. "We are doing so in a UCITS fund for the first time, and in a sector that continues to be popular with our clients,” he added.
