Martin Currie Investment Management will launch three UCITS III-compliant absolute alpha funds and a Latin America fund but will close two of its UK funds, all subject to regulatory approval, following a strategic review of its business.

The Edinburgh-based firm will launch its Japan Absolute Alpha, European Absolute Alpha and Global Resources Absolute Alpha funds, structuring them on existing hedge funds to be managed by the same teams.

The funds are expected to be available to retail and institutional investors from October 2010. Based on Luxembourg-domiciled SICAV funds with sterling, dollar and euro share classes, the minimum investment for each will be $10,000.

The Martin Currie Latin America fund, expected to be available in November 2010, will give UK retail investors access to the firm’s newly appointed emerging-markets team and manager Jeff Casson. It will hold between 40 and 60 stocks, employing a multi-cap and bottom-up strategy, the firm said.

In the meantime, MCIM will merge the UK Growth Fund into the Martin Currie Global Fund and the UK Equity Income Fund will be replaced by a Global Income Fund with a much broader mandate, subject to regulatory and shareholder approval. These changes are expected to be completed by October 2010, the same time that Jeff Saunders, manager of the UK Growth Fund, is expected to leave the firm.

“For several years retail and institutional investors have been net sellers of UK equities and net buyers of international and emerging markets and we believe this trend will continue. As such, we no longer see a need to offer as many UK equity products as we have historically,” said Andy Sowerby, managing director of sales, marketing and client service at MCIM.