Hamburg-headquartered Aquila Capital has launched a new UCITS-compliant CTA fund to the UK market.

The AC Spectrum Fund is a liquid futures fund and is one of the first of its kind to offer daily rather than weekly liquidity. It is a fully systematic trend follower that targets a return of 18 to 20 per cent per year with 15 per cent volatility, the firm said.

The fund exploits a number of proprietary rule-based strategies that have been developed by the Aquila Capital quant team and masterminded by Harry Kat, who has recently joined Aquila full time as the quant team’s head of research.

Responsibility for the management of the fund lies with fund manager Jan Auspurg, who is supported by Dieter Rentsch, Harold Heuschmidt and the quant team.