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RWC Partners announced it has finalised the launch of its Asia Ascent fund for 20 October.

The company, formally known as MPC Investors, said the fund would be an Asia-focused Ucits III fund that will complement RWC’s existing Ucits III range managed by Miles Geldard and Lee Manzi.

RWC said the flexibility of Ucits III would allow the fund to short both the market and stocks, which, it said, should enhance returns significantly in periods of market weakness.

The fund will also draw on the hedge-fund expertise of the Asian team, but have the explicit target of outperforming its index.

Peter Harrison, chief executive at RWC, said his company had already seen significant interest from UK and European investors for the fund.

He said: “With Asian equity markets down significantly this year, investors are looking for teams who have experience through multiple market cycles. Should market conditions continue to be challenging, the fund can reduce its market exposure and go short, but with markets already having significantly fallen, opportunities are clearly starting to present themselves on the long side.”

RWC also announced that Chris Shale will join Carmel Peters and Kirsty McLaren to launch the fund. Mr Shale joins RWC from Sofaer Capital, where he worked with Ms Peters and Ms McLaren. The team also worked together previously in the 1990s at Rothschild Asset Management in Hong Kong.

Mr Shale was a research analyst for the Asia Pacific team at Sofaer, and prior to that, he spent three years at Collins Stewart UK, where he was responsible for the company’s Japan/Asia CFROI product.

On Mr Shale’s appointment, Mr Harrison said bringing together experienced hedge fund managers was the best way to exploit the increased flexibility allowed under Ucits III.

“The team have exceptional hedge fund and long-only track records. The disappointment suffered by investors in Ucits III funds such as 130/30 funds and absolute return funds is a direct result of the appropriate skills not being widely available.”

Further, he said it was particularly unusual to find Asian equity managers with extensive shorting experience.

“Ucits III gives the team the opportunity to maximise the skills they demonstrated in the management of their hedge fund at Sofaer Capital,” he said. “The team have a proven track record of investing in the region, and it is fantastic they can continue to build on this at RWC Partners.”