The days of managers setting up new long-only large-cap US equity UCITS are largely gone, according to Philip Lovegrove, partner in law firm Matheson’s Asset Management Department. “Products are getting more complex and one of the manifestations of this is that for a number of years now, we have been seeing a lot of strategies and instruments that have traditionally belonged in the hedge fund world being brought into the UCITS world,” says Lovegrove.