The new fund, a global long/short strategy focused on listed real estate, will be managed by Cohen & Steers Capital Management, which currently manages approximately $40bn. Morgan Stanley will act as promoter.
The MS Cohen & Steers Global Real Estate L/S Fund will seek to capture the alpha embedded in the sector, maximizing absolute risk-adjusted returns with modest volatility, while protecting capital in difficult times.
Morgan Stanley managing director and global head of Fund-Linked business David Armstrong said with this latest addition to their FundLogic Alternatives Platform, they are further diversifying their range of available strategies covering all the major sub-segments of the hedge fund space.
Commenting on the launch, Cohen & Steers Capital Management co-chairman and co-CEO Martin Cohen said they see this new fund as an additional way for offshore investors to benefit from their ability to identify sector inefficiencies which they believe will generate attractive returns.
"Our collaboration with Morgan Stanley enhances our historical ties, their solid operating framework and track record of launching successful alternative strategies in the Ucits framework," Cohen said.
