NEWS ROUND-UP
news round-up
New focus for
Ashburton fund
Ashburton, the Jerseybased
active investment
manager, has refocused
Jonathan Schiessl’s Asia
Pacific Equity Fund to
concentrate solely on equity
growth in Japan. To reflect
this change the fund has
been renamed the Japan
Equity Fund. According
to Ashburton, Japan is
well placed to continue
to benefit from the high
growth economies in the
rest of Asia. Additionally,
the election of the
Democratic Party of Japan
revealed the electorate
has provided a strong
mandate for change, and
the expectation of a more
coherent policy framework
which will focus emphasis
onto the domestic economy
and away from exports.
T. Bailey changes
benchmark
T. Bailey has changed the
benchmark of its flagship
Growth Fund to the IMA
Global Growth sector
Average, as it believes
it will make it easier for
investors to monitor
the fund’s performance
against its peers.
Macro/micro
longevity fund
Centurion Fund
Managers has obtained
regulatory approval from
the Commission de
Surveillance du Secteur
Financier in Luxembourg
for its fourth open-ended
longevity fund. The Sicav,
Centurion Longevity Fund,
is claimed to be the first
in the market to combine
macro and micro longevity.
It targets an annual return
of 6-9%, with low volatility
and minimal correlation to
the stock markets. The firm
believes investing in both
longevity products provides
more diversification and
lower volatility and risk.
New Ucits-compliant multi-manager fund
to pick out best absolute return launches
Alternatives specialist
Blacksquare Capital expects
to profit from the flood
of new absolute return
launches with its first onshore
Oeic, Multi-Manager
Absolute Return Fund.
The fund was rolled-out
on 4 January 2010 with a
two week launch period. It
is one of the first regulated
Ucits-compliant multi-manager
investment products
available in the UK.
Fund manager Richard
Sherwin has invested in a
portfolio of around 15 regulated
absolute return
funds at launch, as well as
money market instruments.
The fund will aim to
deliver positive absolute
returns which are uncorrelated
to equity and bond
markets. Sherwin currently
selects from around 100
funds, though he expects
this to double. With sufficient
inflows, he anticipates
that the number of
funds in his portfolio could
rise to as many as 25.
Blacksquare’s product
will not carry a performance
fee. The fund carries
an initial charge for retail
Product launches
Charlotte Square’s
new multi-asset fund
Edinburgh-based
discretionary Charlotte
Square, part of Raymond
James Investment Services,
has launched Allweather
Fund, designed to protect
its investors’ total return
from serious downside
in almost all market
conditions. The multiasset
vehicle, which is
structured as a unit trust,
will invest in an array of
funds and stocks drawn
from international markets
and product providers.
Equity exposure (around
30% at launch) will
encompass G10 developed
and emerging markets,
while the fund will also
invest a further 30% in
hedge funds, absolute
return vehicles and zero
dividend preference shares
for greater consistency.
www.charlotte-square.com
Suite of new products
from Morgan Stanley
Morgan Stanley has
launched four six-year
structured products
accommodating different
views on the direction of
the FTSE 100. Best Entry
Growth Plan includes a
built-in market timing
feature to let investors
enter the market at the
lowest monthly index
level during Q1. Capital
Accumulator Plan offers
potentially competitive
returns regardless of the
direction of the index.
Kick Out Growth Plan is
aimed at investors seeking
an early exit growth
opportunity. And Protected
Growth Plan 31 gives
investors 100% return of
their initial investment,
even in a falling market,
plus extra returns if the
FTSE 100 appreciates.
www.morganstanley.com
investors of 5% and an
AMC of 1.5%. The TER is
anticipated to be around
2.63% or 2.13% for institutional
investors.
The firm believes there is
a need for diversification
within the absolute return
sector, and is performing due
diligence on new funds.
NEW ABSOLUTE RETURN FUNDS
Cazenove Absolute UK Dynamic P1
Launched in ’09
7 Sep
Aviva Investors UK Absolute Return SC A 8 Jul
Liontrust European Absolute Return Fund 8 Jul
S&W Saltus Multi Asset A Acc 19 May
Gartmore UK Absolute Return I 14 Apr
BlackRock European Absolute Alpha D 31 Mar
SVM UK Absolute Alpha A 11 Mar
Ignis Argonaut Eurp Abs Ret A 18 Feb
Gartmore European Absolute Return I 26 Jan
Cler Med Absolute Return 1
Source: Morningstar
19 Jan
Sustainable Growth
fund from Jupiter
Jupiter has opened the
Ucits III Jupiter China
Sustainable Growth fund
(Sicav) for investors
seeking to gain exposure
to China’s sustainable
growth story. Managed
by China fund manager
Philip Ehrmann, the
product is a sub-fund of
the Jupiter Global Fund
Sicav and will focus on
key growth markets within
the Chinese economy
such as energy, water,
agriculture, transport, real
estate and construction,
waste management and
healthcare and education.
www.jupiteronline.co.uk
Osmosis launches
Climate Solutions ETF
Osmosis Investment
Management has unveiled
its Climate Solutions ETF,
HSBC targets HNW
clients with new
discretionary service
HSBC Private Bank has
launched a discretionary
service with three strategies
built around ETF selection.
Conservative, Moderate
and Growth strategies will
invest in a full range of
asset classes, including
global equities, a range of
fixed income strategies,
hedge funds, commodities,
private equity and real
estate. Asset allocation will
be reviewed on a monthly
basis by the firm’s Global
Investment Committee.
Tracy Maeter, managing
director at HSBC Private
Bank, said: “We believe
that this is a timely offering
as investors start to move
out of cash in search of
higher returns as this service
offers a cost-effective
solution from a trusted
manager with access to the
global reach of HSBC.
“Total costs are of paramount
importance; this is
reflected in our preference
for exchange-traded funds.”
which gives investors
access to a broad range
of global companies
whose primary business
is to create technologies,
products and solutions
that move towards a more
sustainable, low carbon
economy. The ETF will
track the Osmosis Climate
Solutions Index, which
was developed with the
assistance of HSBC’s
Quantitative Techniques
business. The index
comprises 100 companies
with more than 50% of
earnings derived from
products or services
focused on the efficient
use of natural resources
and the mitigation of
climate change. The
current geographic
breakdown of the index
is Asia Pacific (37%)
North America (31%),
Europe (26%).
www.osmosisim.com
8 PORTFOLIO ADVISER [www.portfolio-adviser.com] JANUARY 2010
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