Toby Bland is taking his bag on the road for an Enhanced Investment Products hedge fund, the EIP Aleph Fund. ('Aleph' is Jewish for 'Alpha'.)

The fund is run by a quartet of portfolio managers. It was launched in April and seeded by CLSA, the Iveagh Trust and Triple A Investment Partners. The latter also purchased a stake in EIP.

The Aleph fund's returns to date are 8.7%, and it is now open to external investors. It has a pan-Asia multi-strategy approach, combining event-driven strategies -- such as relative value, share-class arbitrage and merger arbitrage -- with volatility trading and convertible bond arbitrage.

The target returns for the Aleph fund are 16-18% a year on a Sharpe ratio of 1.5% to 2%. The charges for the new fund are a 2% management fee and 20% performance fee. Maximum leverage is 500%, and the usual net exposure range is +25% to -25%.

Alongside the Aleph Fund is EIP's first fund, the EIP Overlay Fund, a market-neutral strategy fund with a stock-borrowing arrangement from a sister index fund also run by EIP.

Deutsche Bank is the prime broker and Citco the administrator.