Following last month’s decision to shutter its UK Crescendo Fund in favour of an onshore UCITS-III variation, London-based Threadneedle Asset Management<
Following last month’s decision to shutter its UK Crescendo Fund in favour of an onshore UCITS-III variation, London-based Threadneedle Asset Management has taken the decision this week to do the same with its Cayman Islands-domiciled European Crescendo Fund. Named the Apex European Fund, the Dublin-domiciled newcits, which uses an Equity L/S strategy, was launched in response to what Threadneedle said was “strong support from existing investors”. Despite closing the European Crescendo hedgie, which has consistently delivered annualized returns of 6.1 per cent over the last 10 years and is up nearly 8 per cent year-to-date, the same management team led by Paul Doyle will take control of the Apex Fund. Consequently, investors more comfortable with the transparent framework that UCITS funds need to operate within will now be given a chance to invest in a solid replicated fund that was heretofore unavailable to them. Threadneedle themselves can tap into a wider investor audience. The fund uses a 1.5/20 fee structure. Minimum investments are EUR250,000. The offshore fund is expected to close next month. Threadneedle Global Head of Absolute Return Strategies, Kris Haber (pictured), was quoted on record as saying: “The Threadneedle Apex European Fund draws on the skill and experience of portfolio managers who have worked together for more than ten years. The fund offers access to a strategy that has delivered strong returns over the past ten years within a European-domiciled vehicle, providing greater accessibility and flexibility for investors." J.P. Morgan is the fund’s administrator and custodian.
