Meader: DDM benefited from
Dawnay Day infrastructure
Dawnay Day
Milroy sees
through MBO
and rebrand
Channel Islands-based
investment manager
Dawnay Day Milroy (DDM)
has completed a management
buyout and is to be
renamed Corazon Capital
Management.
DDM, which specialises
in absolute return investing,
was half owned by
its founders Robert Milroy
and Paul Meader and half
by private investors.
The association with
Dawnay Day, a financial
conglomerate with interests
in capital markets,
property investment, fund
management and hotels
and restaurants, began in
2002, five years after Milroy
established the firm.
Dawnay Day did not
actually own any of the
business but DDM used
the name under a licensing
agreement.
Meader said that DDM
benefited from Dawnay
Day’s infrastructure and
resources such as legal and
compliance functions, as
well as brand awareness.
In addition to Milroy
and Meader, Corazon is
now fully owned by its
senior management team.
In September it will be
opening a Geneva office
that will carry out relationship
and investment
management. Investment
research will continue to
be centred in its Jersey and
Guernsey offices.
The firm will also launch
a fund of hedge funds in
the coming weeks.
Collins Stewart targets HK
and Singapore with FoFs
BY HELEN BURGGRAF
Collins Stewart Fund
Management will target
Asian investors by registering
its suite of multi-manager,
multi-asset funds in
Singapore and Hong Kong.
It will register the range
once it completes re-domiciling
the funds in Dublin,
which it expects to finish
by early 2009.
It chose Singapore
and Hong Kong because
these are markets in
which Friends Provident
International, with which
CSFM has a strong relationship
and under whose
umbrella its funds will be
marketed there, has a presence,
according to CSFM
sales director Andrew
Finch.
As reported by
International Adviser in
May, the Channel Islandsbased
fund management
UK-domiciled funds could be given substantial
boost following proposals to level playing field
The UK Treasury has
issued proposals designed
to make the country more
attractive for asset managers
by reducing and simplifying
the tax burden on
funds.
The Government is seeking
comments on a trio of
consultation papers that are
being seen as a response to
funds industry critics who
argue UK-based asset managers
are losing out to rivals
domiciled in more taxfriendly
locations such as
Middle East fund house sets up in Dublin
Mashreq, the largest privately
owned bank in the UAE,
is to establish a Dublin Oeic
and launch a Middle East
North Africa (MENA) fund.
FUND FACTS
Name: Mashreq Funds Arab
Tigers Fund
Domicile: Dublin
Minimum investment: $1,000
Annual charge: 1.5%
CSFM funds in Singapore and Hong Kong
% 40
80
60
20
Collins Stewart Int’l Growth £
Collins Stewart
Int’l Balanced £
0
Jul ’03 Jul ’04
Source: Morningstar
Luxembourg and Dublin.
Asset management
industry representatives
have welcomed the
move. The UK Investment
Management Association
(IMA) said it was “a significant
step” toward closing
the gap between UK and
offshore investment funds.
One of the Treasury’s
proposals would introduce
a direct tax exemption
regime for UK Authorised
Investment Funds, so tax
is not paid by both exempt
The bank, under the
name Mashreq Funds, has
set up an Irish fund umbrella
structure and expects to
roll out its Arab Tigers Fund
in the next two months.
The fund will follow
the same strategy as the
Bahrain-domiciled Makaseb
Arab Tigers Fund, which
can invest in up to ten countries
in the MENA region.
Mashreq said the fund,
launched in November
AUGUST 2008 [www.international-adviser.com] INTERNATIONAL ADVISER 11 3
Jul ’05
house decided to move its
Guernsey- and UK-based
multi-manager, multi-asset
funds to Dublin to better
accommodate international
investors.
Collins Stewart
Cautious Balanced
Jul ’06
Jul ’07
funds – such as pension
funds, charities and Sipp
and ISA investors – and
their investors.
Another would replace a
10% holding rule that currently
applies to Qualified
Investor Schemes (QIS)
with a ‘genuine diversity
of ownership’ condition.
Opponents argue this rule
acts as an obstacle to the
take-up of QISs because
it bars individual investors
from holding more than
10% of a single fund.
2005, had outperformed
the MSCI Arabian Index by
nearly 35%, returning 22.9%
compared with a drop of
16.7% for the index to the
end of June.
The main difference
between the Bahrain fund
and its Dublin equivalent
is that the latter will gain
exposure to Saudi Arabia
through derivatives and
other funds due to Saudi
external investor rules.
NEWS
Jul ’08
NEWS
IN BRIEF
Sign up for IA expert
event in Singapore
International Adviser
is inviting readers
to attend its Expert
Investor Forum in
Singapore on 28 Oct.
For more information,
see page 31 or contact
Emily Proctor on +44
(0)20 7618 4654 or
email emily.proctor@
lastwordmedia.com
New Star HK recruit
targets China growth
New Star is seeking to
expand its distribution
in China with the
appointment of Kanise
Chan as associate
director, Greater China.
Lyxor claims a first
with Kuwait ETF
Lyxor Asset
Management has rolled
out what it says is the
first ever ETF to focus
on the Gulf region.
The Lyxor ETF Kuwait
(FTSE Coast Kuwait 40)
offers exposure to the
Kuwaiti market.
Meteor plans links to
Lombard Kick-outs
Meteor Asset
Management is to act
as plan manager for
Synergy Partnership’s
Lombard Kick-out euro
and dollar plans. The
ten-year-term plans aim
for a 100% return at
maturity and payouts
on each anniversary.
Survey reveals switch
to mutual funds
A survey of advisers
conducted by Fidelity
FundsNetwork found
that more than 40%
with clients who have
insurance bonds are
considering switching
them to mutual funds.
For the current and all
previous editions, with
full news archive, go to
www.international-adviser.com
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