NEWS
Travis: changes by end of year
Jersey could
receive boost
from new funds
legislation
By helen Burggraf
Proposed changes to Jersey’s
funds legislation will help
the island’s funds industry
by giving promoters more
choice in how they structure
their investment vehicles,
according to experts
from the Jersey law firm of
Mourant du Feu & Jeune.
Jersey is planning this
year to introduce two new
limited partnership formats,
which the lawyers say will
offer funds marketers a
useful “degree of separate
legal personality”.
The changes are expected
to be implemented
before the end of 2009,
according to Mourant funds
lawyer Sophie Travis.
Modelled on the existing
1994 Limited Partnerships
Law, the new vehicles will
be known as the Separate
Limited Partnership and
the Incorporated Limited
Partnership.
Limited partnerships are
frequently used in fund
structures but, at present,
Jersey’s limited partnership
regulations do not provide
for them to have a so-called
“separate legal personality”
and must be handled
as part of another entity,
according to Mourant.
Under the proposed
legislation, the two new
limited partnership vehicles
will have a separate legal
personality. As its name
suggests, the Incorporated
Limited Partnership will
have the additional feature
of being incorporated.
Julius Baer rolls out energy
fund based in Luxembourg
By Daniel JuDge
Julius Baer has launched
a Luxembourg-domiciled
energy fund.
The Energy Transition
Fund will invest across the
sector, from companies
operating in fossil fuelbased
sectors to renewable
energy and power
generation.
The Sicav fund will
focus primarily on mid and
large cap companies and
can also invest up to 10%
in commodities and CO2
emission certificates.
Its investment universe
includes oil and gas producers,
equipment providers
for deep-sea drilling,
liquefied gas facilities and
gas-powered vehicles,
clean fuel producers, solar
and wind power companies,
providers of ‘smart’
electricity meters and com-
Source: Julius Baer
panies that install and maintain
power grids. Portfolio
constituent companies will
come from mainly the US,
Canada and Europe.
Roberto Cominotto,
manager of the fund,
said: “Many new energy
and climate change funds
focus heavily on wind and
solar power companies,
CFP qualifications rise by 8% globally
The number of financial
advisers globally
who gained the Certified
Financial Planner (CFP)
qualification grew by more
than 8% during 2008.
There are now 118,506
advisers with CFP status
around the world. In the
UK, the total grew by 20%
last year and is expected to
reach 1,000 in 2009.
In addition to the UK
and US, CFP status is recognised
in a host of countries
throughout the world.
They include Australia,
Austria, Brazil, Canada,
Chinese Taipei, France,
Germany, Hong Kong,
India, Indonesia, Ireland,
Japan, Malaysia, New
Zealand, the Netherlands,
China, Korea, Singapore,
South Africa, Switzerland
and Thailand.
but this fund has a much
broader remit.
“It is essential that traditional
fuels be used more
efficiently and in a more
environmentally friendly
manner, and this means
that there are great investment
opportunities among
companies that support
this trend.”
Nick Cann chief executive
of the Institute of
Financial Planning, which
oversees the CFP qualification
in the UK, said:
“More and more practitioners
are realising the
value of the CFP process
which is more than just a
qualification – it transforms
the approach and the way
that advisers work with
their clients.”
T Rowe Price boosts its Luxembourg
Sicav range with addition of two funds
T Rowe Price has launched
a large cap global equity
fund and European smalland
mid-cap fund to its
Luxembourg Sicav range.
The Global Large Cap
Equity Fund can invest in
companies whose market
capitalisation qualified
them to fall into the MSCI
All Country World Large
Cap Index. The fund will
Asset allocation at launch
US 43%
Liquidity 3%
Others 18%
invest in 80 to 100 stocks,
with a growth mandate
and a high conviction, best
ideas approach.
It will be managed by
Scott Berg, who has been
with the fund manager for
six years, initially as an
analyst and latterly portfolio
manager.
The European Smaller
Companies Equity Fund
Germany 43%
France 5%
Spain 4%
Brazil 4%
Canada 4%
will invest in firms with a
market cap that falls within
or below that covered by
the S&P Extended Market
(EMI) Pan Europe Index.
Justin Thomson, who
has been the lead portfolio
manager of the T.
Rowe Price Non-US Small
Cap Equity Strategy since
1998, will manage the
new fund.
Carter: fits the role perfectly
Cazenove hires
Nick Carter to
lead its Jersey
operation
Cazenove Capital Management
has appointed Nick
Carter, formerly of Synergy
Financial Services, to lead
its Jersey financial planning
operation.
Carter’s hire brings to five
the number of Cazenove
staff in the Channel island.
Until now the focus has
been on the investment
management side of the
business. Cazenove said
marrying this with financial
planning gave it a unique
proposition.
James Amy, chief executive
of Cazenove Capital
Management Jersey, said:
“Combining financial planning
with investment management
genuinely differentiates
Cazenove Capital
from our peers. The strategies
devised for our clients
are based on impartial, personalised
advice, delivered
by experienced individuals
who have a detailed understanding
of their clients’
requirements. Nick fits into
this role perfectly.”
Carter, who founded
Synergy Financial Services
and is an IFA by profession,
will be responsible for introducing
Cazenove’s services
to the Channel Islands’
trust, private client and private
investor sectors.
David Austin, head
of financial planning at
Cazenove, said: “Nick’s
arrival shows our commitment
to the Channel
Islands market and is part
of a programme of opening
up the distribution of
our business model.”
INTERNATIONAL ADVISER [www.international-adviser.com] MAy 2009
UK 7%
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