Christows plans to launch three offshore Oeics of exchange traded funds (ETFs) have been put back fr...
Christows plans to launch three offshore Oeics of exchange traded funds (ETFs) have been put back from this month until the end of October.
The move has been caused by delays in receiving approval for shareholder documentation from the Irish regulator.
The planned Oeic sub-funds will have 60%-80% exposure to ETFs and are conversions of Christows' existing offshore range of three funds that hold investment trusts: Christows Accelerated Growth, Global Growth and Overseas Growth.
These Dublin-listed funds are to be closed, the funds brought onshore and converted to the predominantly ETF-based portfolios, subject to shareholder approval.
Colin Lewis, executive director at Christows, said it is taking longer than expected for the Irish regulator to approve a shareholder circular needed to call the EGM at which the conversion proposals will be voted upon.
While the firm originally planned to have the funds up and running onshore in September, Lewis said he does not expect the conversion to be completed before the end of October.
Other aspects of the launch, including UK tax clearance for an Isa wrapper the firm is launching to make the new funds more attractive to retail investors, are already in place, he added.
The onshore funds, Christows Worldwide Growth, Managed Growth and Overseas Growth, will be managed by David Franklin and Adrian Clayton. Franklin also runs the group's managed portfolio service. This was launched last November and is heavily focused on ETFs.
Because they are mixed funds, they can also hold other asset classes such as ordinary shares, investment trusts, conventional managed funds, bonds and cash, making Christows one of the first UK groups to take advantage of the broad remit portfolio the FSA introduced last year. The funds will have only minor exposure to managed funds or investment trusts.
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