A pair of former UBS bankers is set to launch a long/short equity hedge fund in London next month that will target European small cap stocks.

Adam Kolman-Jenkin, formerly head of research at KBC Financial Products, and Alex Ruhle, most recently a fund manager for a family office, will launch the Celeste European Small Cap Fund with initial commitments of €30m ($39m). They are looking to raise €250m.