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Hedgies launch Ucits funds

Planned new European Union regulation has spurred some of London’s biggest hedge funds on to launch funds onshore. Fund manager Cheyne Capital, which looks after $6bn (£3.6bn) is the latest big name to roll out an “Ucits III fund”, while Man Group, Europe’s biggest hedge fund, is poised to launch a similar operation on Monday. They hope to use the vehicles to avoid anticipated tough regulation, and to lure investors spooked by the slump.