Europe's largest hedge fund Brevan Howard Asset Management has picked internal traders to oversee a new Ucits-compliant fund, having previously failed to attract enough investor interest in a similar product for which it brought in a specialist team.

The firm has unveiled a Ucits-compliant emerging markets foreign exchange and rates fund. It launched earlier this month with about $110m, according to two people familiar with the situation. Most of this is seed capital from the firm, they said.