Abbey to gain board approval

Abbey National looks set to gain board approval for its planned launch of three long/short hedge funds, which will be managed by the company's internal managers.If approved, the alternative investment group will be headed up by Scott Jamieson. It will look to raise around $3bn with three products. Likely strategies will be Europe long/short, a dedicated currency vehicle, and a global macro fund.The funds would be seeded with internal money, with around $100m initially allocated to each one.