LONDON (HedgeWorld.com)–Schroders plc launched a multi-strategy hedge fund of funds that is tax efficient for U.K. investors on Sept. 1.

The SASF-Diversified Fund targets an absolute return of 6% to 9% per annum above sterling cash returns, with a low correlation to traditional equity and fixed-income investments. The majority of underlying hedge funds use non-directional strategies.

Schroders’ alternative investments team will manage the fund. “A lot has gone into the structure of this fund of funds to ensure that we can give U.K. clients tax efficient access to hedge funds,” Tord Stallvik, executive director of Schroders’ alternative investments team said in a statement.

The fund will be sold through Schroders Private Bank and other private client institutions through Nov. 21. SASF isn’t the first hedge fund for Schroders and the acquisition of Beaumont announced last October enhanced the firm’s hedge fund knowledge, according to Schroders.