12
FUND NEWS
Beauchemin: global access
Dublin launch
for Canadian
asset manager
BY HELEN BURGGRAF
McLean Budden, the
Toronto-based investment
firm that is majority-owned
by Sun Life Financial, has
launched Ucits versions of
five of its top-performing
equity funds.
The company described
the Dublin launch, on
31 Dec ’09, as an effort
to expand its “international
reach” and said
it would enable the funds
to be sold in more than
100 countries.
Noting that in recent
years McLean Budden has
developed a non-Canadian
client base in a dozen
countries, with more than
C$2.5bn (€1.69bn) under
management, company
president and chief executive
Roger Beauchemin
said the new Dublin Ucits
umbrella “makes us available
to an array of global
clients who until now have
not had access to us”.
The McLean Budden
Ucits structure consists of
five funds, each of which
is comprised in turn of four
classes – dollar and euro
versions of both institutional
and retail entities.
FACT BOX
The five funds mirror the
following McLean Budden
funds, not previously available
outside of Canada: McLean
Budden American Equity Fund,
McLean Budden Canadian
Equity Fund, McLean Budden
Global Equity Fund, McLean
Budden Global Equity Growth
Fund and McLean Budden
Global Equity Value Fund.
Trio of additions to Investec
Global Strategy Fund range
BY SIMON DANAHER
Investec Asset Management
has launched three new
Luxembourg-domiciled
Ucits III funds within its
Global Strategy Fund (GSF)
product range.
Offering exposure to the
natural resource, energy
and emerging market currency
sectors, the funds
are targeted at international
investors, discretionary
buyers, fund of funds and
global institutions.
The three funds are the
Investec GSF Enhanced
Natural Resources Fund,
the Investec GSF Enhanced
Global Energy Fund
and the Investec GSF
Emerging Markets Currency
Alpha Fund.
The Investec GSF Enhanced
Natural Resources
Fund, of which there is
Jupiter Asset Management
is to launch a Ucits
III Sicav for investors who
are hoping to capture
returns from investing in
pan-European equities.
The Jupiter European
Absolute Return launched
in January and will
look to generate an
absolute return independent
of market conditions.
In seeking to meet the
objective, the manager
an existing onshore version
(see graph) will take long
and short positions in a universe
of more than 30 commodities
and 800 resource
stocks. The Investec GSF
Enhanced Global Energy
Fund will gain exposure
to energy related equities,
commodities and derivative
will aim to limit volatility.
The fund, a subfund
of the Luxembourgdomiciled
Jupiter Global
Fund, will be managed
by two of Jupiter’s
European fund managers,
Cédric de Fonclare and
Stephen Pearson.
“This marks the first
time that the long/short
investment capabilities of
Stephen Pearson will be
made available to inves-
instruments taking both
long and short positions.
Finally, the Investec
Emerging Markets Currency
Alpha Fund has an absolute
return objective and
aims to deliver uncorrelated
returns from actively managed
positions in emerging
market currencies.
Jupiter unveils new pan-European Sicav
tors in a regulated environment,
and combines his
expertise with the proven
long-only skills of Cédric
de Fonclare,” said Jupiter.
Pearson has run the
Jupiter Europa Hedge
Fund, an offshore long/
short portfolio, since its
launch in November 2001.
De Fonclare has managed
the Jupiter European
Opportunities fund since
January 2003.
Malta offers
redomiciling
guidelines
BY DANIEL JUDGE
Malta has published new
guidelines for redomiciling
offshore funds to the
Mediterranean island state,
in response to what it said
was growing demand from
providers for its services.
The Malta Financial
Services Authority (MFSA),
said the advice provided
“a simple, one-stop
procedure to be followed
by funds intending to
redomicile to Malta”.
Malta highlighted the
simplicity of its rules as a
reasons for the increased
interest. However, the
threat of new fund taxes
in offshore centres struggling
to balance their
books is also thought to
be a contributory factor.
Malta levies zero income
and capital gains tax on
most funds with 15% or
more of their assets invested
outside the country.
The MFSA said insurance
and securities firms in
particular had been making
use of Malta’s redomicilation
legislation since it
came into force in 2002.
The laws had proven particularly
popular because
they allow companies to
retain the same legal personality.
However, recently
investment companies have
shown a growing interest
in moving their funds to
Malta, said the regulator.
Spain awards public distribution status to SLI range
Standard Life Investments
(SLI) has received public
distribution status from
the Spanish authority
for ten funds from its
Luxembourg-domiciled
Sicav fund range.
The funds that have
gone on sale include a
European investment grade
corporate bond product, a
European smaller companies
portfolio and unconstrained
equity funds.
Enhanced Natural Resources vs sector
20
10
0
% -10
-20
-30
-40
May ’08 Sep Jan ’09
Source: Trustnet Offshore
SLI regional head of
Southern Europe William
Pawson said the firm is
serious about expanding
into the Iberian region and
believes SLI’s entrance to
the market comes at an
opportune time.
“Given where we are in
the investment cycle, our
European Corporate Bond
Fund and Global Inflation-
Linked Fund should be of
particular interest.
Investec - Enhanced
Natural Resources
UT Specialist Retail
INTERNATIONAL ADVISER [www.international-adviser.com] FEBRUARY 2010
May
Sep
Jan ’10
“With credit spreads at
current levels, corporate
bonds remain attractive
both in income and value
terms,” he added.
“In addition, as the economic
recovery gathers
pace, many investors are
anxious about the future
path of inflation. Now may
be a good time for investors
to protect their portfolios
against inflation.”
Although the Spanish
authority had chosen to register
only ten of the 18 subfunds
from its Sicav range,
Pawson said he hoped the
focused approach would
ensure it introduced only
those funds suitable for the
Spanish market.
The funds already
have distribution status
in Denmark, Finland, Germany,
Hong Kong, Ireland,
Luxembourg, Norway,
Sweden and the UK.
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