Reuters UK – The government has created a fund to invest in technology-based firms with high growth potential, which it hopes will raise up to 1 billion pounds over the next decade.

The UK Innovation Investment Fund will focus on investing in small businesses and start-ups in digital and life sciences, clean technology and advanced manufacturing, the Department for Business, Innovation and Skills (BIS) said on Monday.

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Bloomberg – Nicola Horlick’s money-management firm, Bramdean Alternatives Ltd., pulled money out of hedge funds run by Nobel prize-winner Myron Scholes and James Dinan to focus on more defensive funds as volatility increases.

“In response to the continuing market turbulence,” Bramdean “is increasing the focus on capital preservation,” the London-based company said in a statement today.

Horlick’s firm pulled money from five of the eight money managers who oversee its so-called transitional portfolio. Bramdean redeemed investments in Dinan’s York Capital Management LLC’s Asian and European funds, and Scholes’s Platinum Grove Contingent Capital Offshore Fund.

The monthly reshuffle is Bramdean’s biggest since the firm raised 131 million pounds ($243 million) in a share sale a year ago. The transitional pool, Bramdean’s largest, fell 1.4 percent in July as hedge funds struggle through their worst patch in almost 20 years, according to Chicago-based Hedge Fund Research Inc. HFR’s Global Hedge Fund Index fell 2.8 percent in July, its biggest monthly drop in five years.

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