Legal & General has announced the details of two absolute return funds which will offer investors access to Europe and the UK.

The UK Absolute Fund, managed by Robert Churchlowm and the European Absolute Fund, managed by Gavin Launder, will both sit in the IMA Absolute Return sector and aim to achieve a positive absolute return in all market conditions on an annual basis.

The funds will take full advantage of the ability to invest in the full suite of derivative instruments permitted by the UCITS rules, providing both long and synthetic short equity exposure.

They join the Diversified Absolute Return Trust (DART), Legal & General's global macro absolute return product which launched in 2008.

Ben Waterhouse, Legal & General sales director, said, ‘There is clearly growing demand for absolute return products. These two new funds, which draw on our significant stock picking and risk management expertise, directly answer that demand and further strengthen our impressive active equities range.’