Ramius, the asset management division of Cowen Group, has launched its first mutual fund, the Ramius Dynamic Replication Fund.

The product focuses on hedge fund replication that provides investors the opportunity to access market exposures typically characterised by investments in hedge funds, but with the daily liquidity of a mutual fund.

The fund is expected to commence operations by the end of the month with over USD100m in initial capital.

Thomas W. Strauss, president and chief executive of Ramius, says: "Over the past 15 years, Ramius' asset management platform has evolved within the ever-changing investment landscape to meet increasingly sophisticated demands for investment solutions from the entire range of institutional and high net worth clients. With the Ramius Dynamic Replication Fund, we are pleased to offer the same level of sophistication to a broader universe of retail clients, who typically have a more limited range of alternative investment options. The fund will also enhance the breadth of Ramius' suite of alternative products in order to better meet the needs of investors including the largest global institutions, the increasingly important high net worth segment, and the relatively underserved retail marketplace."