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

Cowen has said that new mutual fund will focus on hedge fund replication that provides investors the opportunity to access market exposures typically characterized 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 $100m in initial capital.

Thomas Strauss, president and CEO of Ramius, said: “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.”