Investment bank Barclays Capital has confirmed that it is to launch a UK-domiciled version of its offshore Research Analysis Driven Absolute Return fund.

The IFSL Barclays Radar fund is a UK open-ended investment company (OEIC) and will be open for investment in March.

The new fund will offer daily liquidity and will implement the same global macro investment strategy as the Irish-domiciled Radar fund.

Managed by the Barclays Capital Fund Solutions (BCFS) discretionary portfolio management team, the new Radar fund aims to provide positive absolute returns over rolling 12-month periods.

Senior portfolio manager Jason Smith said, ‘With the offshore Radar fund having delivered its objective year-on-year, we have seen growing demand among UK investors for a UK-domiciled version.

‘By launching the Radar fund as a UK-domiciled OEIC, we are making the strategy available to a wider range of investors.’

According to Barclays Capital, the fund is designed to respond to changing market conditions through a two-stage portfolio construction and management process led by Smith and head of portfolio management Ian Mizrahi.

The first stage sees portfolio managers generate investment ideas and then the investment team selects the highest conviction ideas.

The new fund will be able to invest in a broad spectrum of asset classes, including global equities, bonds, commodities and currencies.