San Francisco based Ascend Capital, which runs approximately $3.2bn, has been appointed investment manager to the MS Ascend UCITS Fund with Morgan Stanley acting as promoter.
The new fund, an opportunistic US focused long/short equity strategy will seek to maximize gains and minimize volatility over an extended period of time, while generating alpha on both the long and short side of the portfolio, said Morgan Stanley.
Morgan Stanley managing director and global head of Fund-Linked business David Armstrong this new fund will be managed in a similar way to the 2010 Morningstar 5 star Ascend Partners Fund II.
"Ascend Capital is an accomplished long/short equity manager, rewarded for its ability to generate superior and consistent risk adjusted returns," Armstrong added.
Ascend Capital CFO Ben Slavet said their strategy fits well within the UCITS framework and through the launch of this new fund, they are delighted to be able to deliver their expertise to the UCITS investor community.
"Morgan Stanley was an obvious partner, as it has rapidly established itself as one of the leading providers of alternative strategies in a UCITS format. We highly regard its solid operating framework and sound risk management," Slavet said.
