Ireland’s Central Bank has confirmed that UCITS organized as self-managed investment companies (“SMICs”) will need to complete a UCITS IV enhancement process by 1 July 2013, wrote law firm Maples and Calder this week. For most SMICs this will involve updating business plans and statements of responsibility.
Initially, under the Central Bank’s “UCITS IV SMIC enhancement process”, due for completion by 1 July 2013, it was proposed to apply all the organizational requirements applicable to UCITS management companies to SMICs. This position has been reviewed and recently the Central Bank indicated that certain key elements applicable to UCITS management companies would not apply to SMICs given the nature, scale and complexity of the business of an SMIC. Specifically, the appointment of a permanent compliance officer will not be required for SMICs, nor the requirement to establish a permanent internal audit function.
A range of other obligations will apply to SMICs from 1 July 2013. Specifically relating to electronic data processing, accounting procedures, supervisory controls, recording portfolio transactions, recordkeeping, and the recording of subscription and redemption orders. Furthermore, from 1 July 2013, all SMIC boards will be required to identify directors or other designated individuals in respect of each of the 10 UCITS management functions; previously SMICs operated a model of collective responsibility.
London-based fund boutique Neptune has launched four funds, of which one is for chief executive and founder Robin Geffen and another which represents the firm’s first foray into global income, reported FT Adviser this week. The funds have apparently been “soft launched” to build up a track record and would only be available directly from Neptune initially (as opposed to fund platforms). Geffen is to run the Monthly Income fund, which will invest primarily in UK stocks. Georg Boyd-Bowman, promoted to assistant manager of the firm’s flagship GBP950.4million Income fund steered by Geffen in December 2011, is to manage the Global Income fund. Ewan Thompson, Neptune’s head of emerging markets, will run the Frontier Emerging Markets fund, which will invest in Africa, South East Asia and Latin America. Finally, William Rice, an investment analyst and oil and gas sector researcher, will manage the Russia Special Situations fund, with a primary focus on small- and mid-cap stocks. All four funds launched on 20 December 2012.
Italian asset manager Carige Asset Management – the Genoa-based asset management arm of Italian bank Gruppo Carige – has launched a flexible bond fund that can invest across different debt issuers reported Citywire Global this week. Launched on 1 January 2013, the Carige Obbligazioni Cedola is to be managed by Giovanni Tortorolo. The fund can invest in a range of different bond classes ranging from government, corporate and emerging markets to high yield debt. The new fund is domiciled in Italy and can be marketed to investors across Europe through its UCITS-compliant structure.