Progressive's first closed-ended fund to list on LSE

Progressive Alternative Investments is to offer its first closed-ended fund of European hedge funds.

Progressive European Alternative Portfolio is to be domiciled in Guernsey and listed on the London Stock Exchange.

The fund will invest in those portfolios that invest mainly in European equities, with the aim of taking advantage of the opportunities created by the introduction of the euro and increasing regulatory harmonisation within the European Union.

Richard Hills and Kathryn Graham will ma