Latest standards of European regulation of the financial services sector have been cited by Iimia as the basis for its new Oiec that will mix closed and open-ended funds for the first time.
UCITS III – Undertaking for Collective Investment in Transferable Securities – means Iimia’s vehicle will mix growth, income and growth and income sub-funds under one umbrella depending on the individual investor’s objectives. Each of the sub-funds will be free to choose investments from a total range of some 2,600 closed and open-ended funds. Coupled with the broader universe of funds, the new Oeic will also apply management fees on an absolute basis – although not applicable in the same way as a hedge fund. In short the charge will consist of a 1% annual management fee, with a p...
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