POLAND - Morley Fund Management says it will launch its first hedge fund managed and invested in Poland.

The new Central European Long/Short Fund will be managed by Rafal Janczyk out of Morley's Warsaw-based investment office, Commercial Union Investment Management Polska. The office manages €2.1bn of assets.

Janczyk, who is head of equities at the office, currently manages a number of Polish equity funds on behalf of CUIM Polska clients including life funds and mutual funds.

The new fund will initially invest in Polish equities, although it "but may also expand to include investments in other Central European markets".

Morley began marketing the Fund in November 2004 for launch in February 2005 and aims to raise €120 million. The Fund is open to European institutional investors and high net worth individuals and will be denominated in euros, with shares available for issue in euros, US dollars and pounds.

"The EU accession earlier this year has resulted in increased investor interest in Central European economies," said Ian Ainscow, head of international business development.

He added: "We have seen increased demand for alternative investment products and the launch of this fund offers new diversification possibilities to a range of sophisticated investors."

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