James Williams, news editor, Hedgeweek

Sloane Robinson to liquidate UCITS fund, AlphaMetrix reaches agreement on Next Generation UCITS range…

Luxembourg-based Alceda Fund Management S.A., one of the fastest growing independent structuring specialists in Europe with current AuA of more than USD7billion, announced this week that two new fund managers had joined the Alceda UCITS Platform (AUP). The two managers are: London-based Polunin Capital Partners Ltd and Germany-based Pulse Invest GmbH. Polunin joined the platform on 15 June 2012 and Pulse Invest on 1 August 2012. Alceda’s AUP platform now has assets of over EUR3billion said Alceda chairman of the board, Michael Sanders, who added: “We look forward to supporting Polunin and Pulse Invest as they continue to grow.”  

Polunin is an emerging markets investment specialist. On joining the platform, one of the firm’s directors, Julian Garel-Jones, commented: “Polunin is delighted to be working with Alceda as we convert our core emerging markets strategies to UCITS. Our experience to date has been excellent and we look forward to a long and fruitful partnership.”
 
Stefan Knöppler, director of Pulse Invest said: “Being a small and highly specialised company that employs a niche investment strategy we found Alceda’s innovative and international approach to be the ideal setup for a successful cooperation.”
 
AlphaMetrix has come to an agreement with Decision Analytics regarding the initial Next Generation single manager product range, having been in six months of discussions with boutique managers already listed on the AlphaMetrix in addition to a number of managers currently still in the listing process. Next Generation UCITS will be listed on AlphaMetrix alongside managers’ non-UCITS funds and managed account vehicles. Advanced discussions are underway with a number of single managers spanning a range of strategies including: Episteme Capital Partners (CTA); White Oak Global Advisors (Event-Driven), and Reliance Asset Management Singapore (long-biased Indian equities).
 
As well as supporting single managers, Next Generation is also in the process of establishing a specialized multi-manager UCITS fund to be managed by ACATIS Investment GmbH; the objective is to give investors exposure to a range of funds managed by specialized boutiques. Mikus Kins, chief product and business development officer at AlphaMetrix commented: “We are excited to be involved in the unique Next Generation UCITS business…and to offer non-US investors, via AlphaMetrix, an opportunity to invest in a range of high quality specialized UCITS.”
 
As Hedgeweek reported this week, Citi has won a mandate from Value Partners Group – one of Asia’s biggest asset management firms – to provide a full suite of global custody, administration and fiduciary services for Value Partners’ first UCITS-compliant fund; Value Partners Greater China Classic Fund. The fund, which launched in June 2012, is a sub-fund of the Value Partners Ireland Fund, a Dublin-domiciled umbrella structure regulated by the Central Bank of Ireland.
 
“This Ucits fund provides investors with an opportunity to access the strong growth potential in Greater China at a relatively attractive valuation through a well-recognized, regulated vehicle. We are confident that Citi’s global custody network, coupled with its regional expertise and scalable fund services platform will bring added value to our investors,” commented Timothy Tse, CEO of Value Partners.
 
Dirk Jones, global head of securities and fund services client sales management at Citi, was quoted as saying: “Citi’s on-the-ground presence in over 100 markets can help leading fund managers such as Value Partners expand their reach and business. This mandate is testament to the strength of our global network as well as our robust fund services platform.”
 
Finally, Citywire Global reported that Schroders and London hedge fund heavyweight, Sloane Robinson, have decided to liquidate the Schroder GAIA Sloane Robinson Emerging Markets fund following a sustained period of redemptions. The fund launched on the GAIA platform in June 2010. Schroders apparently said that the fund’s assets had peaked at USD390million in May 2011. However, following a period of redemptions, assets have fallen to USD85million, with more redemptions anticipated in the near future. One of the issues with alternative UCITS funds, as Sloane Robinson are discovering, is that weekly liquidity profiles offered under UCITS have the potential to create a more volatile AUM, compared to offshore Cayman structures.
 
A statement issued by Schroders said: “Schroders has consulted Sloane Robinson LLP and they agree that the trend of redemptions is likely to continue and that the fund has become unviable. After careful analysis and review, the Board of Directors of Schroder GAIA has decided, in the best interests of the shareholders, to liquidate the fund.” Sloane Robinson is aiming to complete the portfolio liquidation by Wednesday 8 August.    

 

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