Norris (pictured) has extensive experience of investing in European equities and has built a strong track record managing the top-decile GBP204mm Argonaut European Alpha Fund.

He will be supported by Oliver Russ, manager of the top-quartile GBP320m Argonaut European Income Fund.

The fund will consist of a high conviction portfolio, investing in a combination of long and short equity positions and will also use a variety of asset classes including cash and the extended use of derivatives.

While returns are not guaranteed, the strategy aims to generate an absolute return from investments in Europe, including the UK and Eastern Europe.

"Our research consistently reveals opportunities to make positive returns from companies with negative structural, pricing or balance sheet anomalies that have gone unnoticed by the broader market,' Norris says.

'Ucits III allows us to utilise this research to blend high conviction long and short investment ideas to achieve positive returns regardless of market conditions. The demand for positive absolute returns has never been greater and we are confident our strategy will fulfil this essential requirement and provide reassurance for investors over the course of a full market cycle."