International Adviser

DSP launches Ucits-compliant version of its European fund

Dalton Strategic Partnership (DSP) has launched a Ucitscompliant version of its Melchior European Fund. The MST European Fund, a sub-fund of DSP’s Luxembourg Sicav, the Melchior Selected Trust, will aim to deliver an absolute return which is uncorrelated to equity or bond markets. It will be managed by Leonard Charlton, a former portfolio manager at GLG and current manager of the Melchior European Fund. The MST European Fund combines a fundamental approach to selecting long and short positions, with an active trading overlay. It will comprise 30-60 positions, normally in individual European stocks and will typically operate within a net exposure range of +/- 20%. Gross exposure will normally be between 80% and 150%. “We believe the time is right to launch a Ucitscompliant version of the Melchior European Fund,” said Magnus Spence, partner at DSP. “The MST European Fund is an ideal vehicle for those looking to invest in a European equity long/short fund via a regulated product, which draws on Leonard’s hedge fund management experience.”

FUND FACTS

Name: MST European Fund Domicile: Luxembourg Min investment: 10,000 or equiv retail, $250,000 or equiv institutional Share classes: $, £ or € Type of fund: open-ended absolute return fund Annual charge: 2% retail A&C share class, 1.5% institutional B&D share class

Performance fee: 20% of returns in excess of 1 month Euribor

NEWS

VAM aims to make offshore range available to the UK

BY SIMON DANAHER

Investment boutique VAM Funds has applied to the FSA for the UK registration of its entire offshore fund range. The boutique has up until now largely sold into the international market but said it sees the biggest growth opportunities as being in the UK. To support this move, it has hired two UK-based senior business development managers. VAM’s fund range consists of 11 funds, largely equity products and domiciled in Luxembourg. It includes a mix of small and large cap US equity,

The Jersey Finance roadshow continues

BY HELEN BURGGRAF

Jersey Finance, the marketing arm of the Channel Island’s financial services industry, plans to visit Russia and the Middle East this year as it seeks to drum up new business. The Channel island globetrotters will fly to Moscow on 24 February, after making a first visit last year. They will visit Dubai and Abu Dhabi in March, and travel to India later in the year, according to Jersey Finance chief executive Geoff Cook.

VAM FUNDS

US Micro Cap Growth (Equity), US Small Cap Growth (Equity), US Mid Cap (Equity), US Large Cap Growth (Equity), Emerging Markets Growth (Equity), International Real Estate (Equity), World Growth Fund (Equity), Asia Fixed Income Fund (Asia Fixed Income), Property (Fund of Property Funds), Multi Asset Strategy Fund (Mixed Asset Fund), The Driehaus Fund (Equity Fund of Funds)

property and Asia focused funds. The two new business development managers, Andrew Janes and Dean Currie, will work under global sales director Nigel Watson to support the firm’s UK expansion plans. Watson said: “There is a large appetite for boutiques in the UK and we aim to take advantage of this by raising funds through both

As in the past, the foreign trips will be aimed at promoting the island’s three main financial services sectors – wealth management, funds and banking, with certain markets being thought most likely to be interested in one or another specialty. Russia, for example, is seen as being most interested in Jersey’s wealth management services, including private client work and trusts; while Middle Eastern individuals and companies are thought likely to be attracted by the island’s

the retail and institutional IFA market.” Janes has over 15 years experience as an investment sales professional and most recently worked as business development manager for the South at SIP Nordic UK. Currie has more than 10 years experience within financial services and was previously director of investment sales at Ignition Investments.

CI banker calls for Jersey and Guernsey to work together

A prominent Channel Island bank executive has called on Guernsey and Jersey to work more closely together, citing the “increasingly competitive global arena for financial services”. “The idea that we can sit here in the Channel Islands and wait for business has long perished, but equally, we should not be wasting resources fighting our neighbour for a share

of that business,” Andreas Tautscher, chief country officer of Deutsche Bank in the Channel Islands, wrote in a local monthly business journal. Deutsche Bank has a significant private banking operation in the Channel Islands, with offices in both Jersey and Guernsey. Tautscher’s comments come amid growing reflection by many offshore financial centres of their

future role in the world, and their relationships with the major countries with which they have historically been linked. Former Jersey Bailiff Sir Philip Bailhache was quoted last month by the Jersey Evening Post as saying Jersey’s ministers should “prepare for independence from the UK as the constitutional relationship between the two jurisdictions worsens”.

Shariah-compliant private client and wealth management offerings. China, which has already been visited, is expected to focus on corporate work, building on the use of Jersey companies that have been approved for listing on the Hong Kong Stock Exchange, another recent development. Cook said the main issues, in addition to overseas promotion, would be focusing on attracting new business and keeping a close eye on the political and regulatory landscape.

NEWS IN BRIEF

IA event in Hong Kong International Adviser will hold an Expert Investor Forum on 12 May at the JW Marriott Hotel in Hong Kong, to give financial advisers a chance to meet, listen to and talk to investment experts, tax and estate planners, wealth managers and others. Emily.proctor@ lastwordmedia.com

France plans bond trading platform... France has announced plans to create a trading platform for European corporate bonds, denominated in euros, as part of what French finance minister Christine Lagarde said was a strategy aimed at making Paris more competitive with other financial centres – particularly London and Luxembourg.

...Shanghai unveils H-share ETF The Shanghai Stock Exchange, which is seeking to boost its standing in international financial markets, plans to launch an exchangetraded fund later this year that will track Chinese companies listed on the Hong Kong stock exchange.

Butterfield steps up Malta operations Butterfield is boosting its presence in Malta to increase its business there with European and international clients, and named Michelle Sant, corporate services manager, to oversee the new business.

For the current and all previous editions, with full news archive, go to www.international-adviser.com

FEBRUARY 2010 [www.international-adviser.com] INTERNATIONAL ADVISER 5

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