360 Japan Long Short Fund has been launched in London. It is managed by John Aylott, who had previously been managing a long/short Japanese portfolio at Zan Alpha fund.

Management fee and performance fee for the new fund are 2% and 20%, respectively. The target return is 15%-20% and the annualised volatility will be approximately 8%.

Maximum leverage for the fund is 250%. The maximum net long exposure is 80% and maximum short exposure is 80%.

Paul SmithÆs new alternative investment firm Triple A Partners has seeded the fund with $10 million and will undertake the role of investment manager and distributor. Target size for the fund is $50 million by the end of 2008.

Ernst & Young serves as auditor. The prime broker and administrator is Goldman Sachs. Middle office, backoffice and risk controls will be provided by CLSA Fund services.