FSA approval will lead to Powe's European launch

Ex-Invesco fund manager Rory Powe is to launch a European long/short portfolio later this month, subject to regulatory approval.

Powe, who was well known for running the long-only £1.5bn Invesco Perpetual European Growth fund, has set up his own hedge fund boutique, Powe Capital Management.

The firm, which has yet to receive approval from the Financial Services Authority (FSA), will see Powe seek assets through institutional channels and discretionary fund of hedge fund managers.

Powe has hired