NEWS ROUND-UP
Norwich Union entrusts
two new bonds to Morley
Norwich Union has introduced a new high yield
and a new strategic bond fund, the management
of which has been outsourced to Morley Fund
Management. The Norwich Union Strategic Bond
Fund will be managed by Chris Higham, while
Dominc White will run the high yield fund. Higham
will focus on the European fixed income market,
although it does have a global remit, while White
will have an entirely European mandate.
First London Stock Exchange listing
for DB x-trackers’ commodity ETFs
DB x-trackers, Deutsche Bank’s ETF platform, has
listed its first commodity index exchange-traded
funds (ETFs) on the London Stock Exchange. They
are linked to the Deutsche Bank Liquid Commodity
Index – Optimum Yield (DBLCI – OY Balanced)
which has a basket of 14 commodities futures
contracts with base weightings of energy (35%),
base metals (18%), precious metals (17%) and
agriculture (30%).
Gartmore considers European
and MultiManager mergers
Gartmore is proposing to merge the Gartmore
European Growth Fund into its Gartmore European
Selected Opportunities Fund. At the same time,
it is also writing to investors proposing a merger
of its MultiManager UK High Alpha Fund into its
MultiManager Absolute Return Fund. The decision
is scheduled to take place on 21 Nov; if approved,
it will take effect on 28 Nov.
Tenon Group goes into asset
management with Tenon Capital
AIM-listed accountancy firm Tenon Group has set
up its own asset management firm, Tenon Capital
Management. Its first fund, the T-Fund, will invest
in distressed businesses with turnaround potential,
typically with turnovers of £5m to £30m.
Martin Currie equity fund focuses
on global tech, media and telecoms
Martin Currie is launching its Absolute Return Fund
Global TMT on 1 Dec with $5m of seed capital.
It will be added to its Omnium fund of hedge funds,
and will focus on global technology, media and
telecoms. The long/short equity fund will be run
by Jamie Mariani, director and sector manager for
technology, media and telecoms. His fund will have
a gross exposure range of +60% to +200% with
a net exposure range of -20% to +50%.
news round-up
IMA unveils new sector covering all types
of authorised funds investing in property
The Investment Management
Association (IMA)
has created a new property
sector that will include all
types of authorised funds
investing in property,
including direct property
funds and property securities
funds.
The sector will launch on
1 Jan, 2009. Reporting will
start after the first quarter,
allowing companies until
then to establish reporting
systems and processes.
Fund management
houses will be able to select
whether or not their fund is
included in this new sector,
with the IMA setting up
specific subflags for them
to choose from. These flags
include property fund of
funds, direct property funds,
property securities funds
and hybrid property funds.
product launches
Pimco goes global
with GIS GMA
Pimco has launched the
GIS Global MultiAlpha
(GMA) Fund using all
asset classes and risk
factors globally alongside
a Liborplus Ucits III
product. GMA is managed
by a team that includes
Vineer Bhansali, managing
director and head of the
portfolio management
analytics group, and Curtis
Mewbourne, managing
director and generalist
portfolio manager. It
will be led by cochief
investment officer
Mohamed A ElErian.
www.pimco.com
Jupiter adds sterling
to Merlin portfolio
Jupiter Asset Management
has introduced a sterling
share class for its Jupiter
Merlin International
8 PORTFOLIO ADVISER [www.portfolio-adviser.com] DEcEmbER 2008
All will be able to cover
any geographic region.
According to the official
definition, the sector will
include “funds which predominantly
invest in property”.
To “predominantly”
invest in property, funds
should have at least 60% of
their assets invested directly
in property; or at least 80%
of their assets in property
securities; or when their
direct property holdings fall
below the 60% threshold
NEW ima SEctOR DEfiNitiONS
n Funds investing 60% of their assets directly in property will
be classed as Direct Property funds.
n Funds investing at least 80% of their assets in property securities
will be classed as Property Securities funds.
n Funds with a minimum of 80% in property (direct and securities)
but not exceeding the 60% direct property threshold will be
classed as hybrid property funds.
Equities Portfolio although
it is not yet registered for
retail distribution in the
UK. The fund is managed
by Jupiter’s fund of funds
team of John Chatfeild
Roberts, Peter Lawery
and Algy SmithMaxwell.
www.jupiter-group.co.uk
UK special situations
from Legal & General
Legal & General
Investment Management
has introduced a UK
special situations fund,
to be managed by Matt
Fletcher. It will have a 30
to 50stock portfolio with
80% in UK equities and
the remainder in either
cash or European equities.
www.lgim.com
Baillie Gifford focuses
directly on China
Baillie Gifford has
unveiled a Greater China
for a period of more than
six months, invest sufficient
of the balance of their
assets in property securities
to ensure that at least
80% of the fund is invested
in property, whereupon it
becomes a hybrid fund.
As at the end of
September, the IMA’s
sector classification included
35 such property
funds within the specialist
sector, with £10.1bn under
management.
fund that will invest
directly or indirectly in
companies listed on the
stock exchanges of, or
that derive a substantial
part of their revenues or
profits from, mainland
China, Hong Kong and
Taiwan. The comparative
index is the MSCI Golden
Dragon. It will be
managed by the emerging
markets investment team.
www.bailliegifford.com
ETF Securities reveals
range of new funds
ETF Securities has rolled
out 13 new exchangetraded
funds on the
London Stock Exchange
with a 0% total expense
ratio until 31 Jan, 2009.
They provide access to
equitybased sectors not
already available through
its range of exchangetraded
commodities.
www.etfsecurities.com
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