An Oxford University PPE graduate, Tim Russell worked at Merrill Lynch and UBS Phillips & Drew before making a successful move into fund management with Lazard and then HSBC. Now at Cazenove, his Cazenove UK Growth & Income fund is rated 4* by Bestinvest but it’s for the newly launched Cazenove UK Absolute Target fund that we’ve made him manager of the month. Targeting a 10% net annual return in all market conditions, the fund is likely to closely mirror the hedge fund Russell has been successfully running since 2003, but it is structured so that it can be sold to retail investors and is available on the fund supermarkets. We view hedge funds as a key part of a balanced portfolio but historically it has been difficult for retail investors to access them. However, with the success of Blackrock’s UK Absolute Alpha fund and now this offering from Cazenove opportunities in the area are growing.