Old Mutual unveils market neutral fund

Old Mutual Asset Managers is preparing to launch its first hedge fund, the Old Mutual Global Equity Market Neutral fund, to be managed by David Ross, head of the structured equities team.

The fund will be actively managed and will invest across the global equity markets. It will target returns of about 6% above a dollar cash benchmark. Ross, who manages about £2bn of long-only money for Old Mutual, said: 'The process we use has worked well with long only funds and is ideally suited to a long/sho