Two former UBS Group executives are reportedly planning to launch a new global cross-asset, long-biased hedge fund in January next year to bet on out-of-favour companies and events such as mergers and acquisitions and spin-offs.

Dubbed as Reaching Value and Opportunities Fund, the new fund will be launched with an initial seed capital of about $20m, reported Reuters.

The pair expects to raise EUR100m ($124.6M) for the new hedge fund.

The fund, which will be launched by Laurent Constanty and Fabien Baetz, former executive directors at the fixed income solutions group of UBS, aims to generate 15% annual gains through investments in stocks, bonds and other securities.

Additionally, Privium Fund Management will be responsible for managing the fund’s risk management and compliance in addition to serving as a hedge fund platform to launch the fund.

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