Morgan Stanley has launched a new fund under its Ucits Irish umbrella, FundLogic Alternatives.

Morgan Stanley said that the new fund will be managed by Algebris Investments and will offer access to a long/short equity strategy focused on the global financial services sector.

Morgan Stanley managing director and global head of fund-linked business David Armstrong said they continue to see growing demand from investors to access absolute return strategies in a regulated, transparent and liquid format.

"The combination of our Ucits capabilities and the Algebris investment expertise is a unique product, one of the very first sector specialized long/short equity funds that offers daily liquidity," Armstrong said.

Algebris co-portfolio manager and founding partner Davide Serra said they believe the sector offers many opportunities for a long-short equity manager and in particular, the Ucits Fund they are launching in partnership with Morgan Stanley is based on the research process they have been successfully developing for the past four years.

"We chose Morgan Stanley as our partner as a result of their robust infrastructure and the strong relationship our respective firms have developed since we founded Algebris," Serra added.

FundLogic is the platform brand name for Morgan Stanley fund solutions, set up in 2006. It can offer both Ucits and non-Ucits Funds on a global basis.