Abbey to gain board approval

Abbey National looks set to
gain board approval for its planned launch of three long/short hedge funds, which will be managed by the company's internal managers.

If approved, the alternative investment group will be
headed up by Scott Jamieson. It will look to raise around $3bn with three products. Likely strategies will be Europe long/short, a dedicated currency vehicle, and a global macro

The funds would be seeded with internal money, with
around $100m initially allocated to each one.

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