RWC Partners’ U.K. hedge fund Pilgrim is being converted into a Ucits product, Investment Week reports. The Pilgrim fund, which has been managed by head of U.K. equities John Innes, will be rebranded as the RWC U.K. Pilgrim fund after the conversion, will redomicile from the Cayman Islands to Luxembourg on October 28 and also become a Sicav sub-fund. It will compete in the retail market with, among others, BlackRock’s U.K. Absolute Alpha fund.

The vehicle will be more accessible to U.K. investors and will be fully regulated under Ucits. It will have £22 million in assets under management. The product will sit alongside two equity income funds managed by Nick Purves and Ian Lance and the long-short Europe Absolute Alpha fund run by Ajay Gambhir.

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