The Dublin-based discretionary adviser IFG is looking at a January launch for its first fund of fund...
The Dublin-based discretionary adviser IFG is looking at a January launch for its first fund of funds. The product will comprise a core, balanced fund and a series of sub-funds specialising in niche areas, allowing investors to modify their exposure by sector or geography without triggering a taxable event.
IFG will hire six to eight fund of funds specialists to manage the various portfolios. There will also be a board of investment advisers to oversee the product.
The euro-denominated fund will be looking at some 8,000 funds, from straight equity funds to property funds, hedge funds and bond funds. There will be no geographical limit.
'With markets as they are, investors are looking for access to global fund managers, and we are not just using Irish, British or European managers,' said Cara Moran, managing director of IFG. 'We will have managers from America, Japan, Asia, a huge range.'
Moran said: 'We will be looking at 8,000 fund managers. Some will not even meet the one, three and five-year criteria and we'll get rid of them immediately. We will go through a thorough process and syphon the best out at that stage.'
Any private investor will be able to invest in the product, subject to a minimum investment of E250,000. The fund is being seeded with about E25m, of which E20m has already been committed by IFG's current private clients. The product is being structured to be able to take significantly larger amounts.
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