New pan-European Lloyd George fund

Lloyd George Investment Management is to launch a Europe long/short hedge fund run by Rupert Morrell.

The fund will be a pan-European long/short vehicle with a portfolio of around 30-35 positions. In terms of net exposure it will have from net 30 short to net 70 long, while gross exposure will be a maximum 200%.

Morrell's primary skill as a manager is in bottom-up stock selection, he believes, and this is also the key to the house style. As a result top-down factors will be comparatively unimporta