Asset manager Union Bancaire Privee has launched its first long/short fund run by an external hedge fund manager, but to satisfy the thirst for more liquid investments, it has opted for a portfolio following European rules that stipulate investors be allowed out at least every fortnight.

The Swiss firm has partnered with US hedge fund manager New Castle funds to launch the product, a version of the manager's flagship hedge fund, which will be regulated by the European investment restrictions: Undertakings for Collective Investment in Transferable Securities (Ucits).