Powe's European fund launches

Powe Capital Management, the company founded by former Invesco Perpetual fund manager Rory Powe, has launched a European equity long/short hedge fund called Modulus Europe.

The fund aims for absolute returns and has an annual management fee of 1.5% plus a performance fee of 20%, subject to a high watermark. It has two share classes, euro and dollar, and a minimum investment of $500,000.

The Dublin-listed, Cayman Island-domiciled fund is aimed primarily at institutional investors, private banks, f