The asset management arm of the Nordic financial services group has boosted its equity offering for European investors.

Nordea Asset Management has launched the US dollar-hedged Nordea 1 – Global Long Short Equity Fund.

The Luxembourg-registered fund seeks to deliver a consistent absolute return and low correlation to equity market returns, meaning it aims to have little dependence on overall market direction.

It will be sub-managed by US-based ClariVest Asset Management, with Todd Wolter as the lead portfolio manager, in charge of overseeing portfolio construction and risk profile. He will be supported by four other portfolio managers.

“Building on the strength of our multi-boutique approach, we see this new liquid alternative product as an important complement to our range of solutions helping investors withstand different market environments,” said Christophe Girondel, global head of institutional and wholesale distribution at the firm. 

“With concerns growing around historically low yields and increased market volatility, we believe that this absolute return solution is a relevant choice for investors who want to diversify their portfolio.”

Nordea had €300 billion ($336 billion) in assets under management as at 30 June 2016.