RWC Partners has announced that it has received authorisation for its UCITS III RWC US Absolute Alpha fund in Germany. The fund is a US equity long short strategy managed by Mike Corcell. It was launched in October 2009 and has since raised $350m.

Corcell was previously the manager of the highly regarded Threadneedle American Crescendo fund which he managed from 2004 until 2008. Corcell has a team of seven including Alex Robarts, also from Threadneedle, Gabe Marshank and Chris McNally from SAC Capital.

RWC US Absolute Alpha is managed using the same process Corcell has developed over the last five years that he has managed absolute return funds. The fund offers daily liquidity and is available in EUR, USD and GBP fully hedged share classes.

Commenting on RWC US Absolute Alpha's authorisation in Germany, Dan Mannix, Head of Business Development at RWC Partners said: “We launched our first UCITS III fund three and a half years ago and have seen significant demand over that period from our German clients. Registering our UCITS III funds in Germany and ensuring they are transparent from a tax perspective is key for our clients and also makes the funds more broadly available.

“Mike’s fund is particularly well suited to UCITS III as it invests in extremely liquid stocks and uses minimal leverage. There are a limited number of UCITS III long short funds investing in US equities and even less that are managed by such an experienced manager as Mike. We make it a priority to ensure our investors understand what we are aiming to achieve from our funds. Protecting capital in difficult market conditions, combined with making money when the risk payoff is good ensure that we deliver for our investors.

“Mike has a five year track record in managing US equity long short portfolios. He has been managing US equities from London throughout this period and his current team of seven are all based in our London office. We see this as a competitive differentiator and it has the added benefit of ensuring that our clients can stay close to the fund and to the investment team."