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The Cayman Islands-based fund uses a long/short strategy to achieve long-term capital appreciation. It invests primarily in the UK, but also occasionally outside the region.

Angus Duncan, head of distribution at Smith & Williamson, said: "The fund has been incredibly popular among investors and performed incredibly well, returning 3.9 per cent in June compared with a loss of 13.1 per cent for the FTSE All Share index.

"We have had a lot of demand from retail customers, so we are hoping to make it more accessible by launching the onshore retail version."

According to Duncan, the fund has a minimum investment of $100,000 (£51,450), which he said was the main barrier for entry for retail investors.

Duncan said the company hoped to launch the new version by the end of the first quarter.

He added that the fund would be similar to funds already in place at other companies, such as Cazenove Capital Management's UK Absolute Target fund.

Like the Cazenove fund, the new vehicle will synthetically short stocks using contracts for difference.

The onshore fund will retain the same managers currently running the offshore fund, including Mark Boucher, Rupert Fleming and Mark Swain.

For details on the latest fund performance indicators use FTAdviser's Fund Data service.