A total of 91 offshore funds will be added across 17 sectors of the Investment Management Association's classification system today.
The industry body says the number has grown from the 71 funds initially announced two weeks ago after it received outstanding data from more funds which now meet the requirements.
Some 180 funds have applied for inclusion and the IMA now has 69 pending and awaiting the finalisation of queries and data. Once they are complete, they will be added to the appropriate sectors, it says.
The IMA will shortly be calling for submissions to the second phase of entry for offshore funds, with a third phase anticipated in the last quarter of 2010.
Although offshore funds will be fully integrated into the existing sector classification system to allow like for like comparisons, the IMA will flag which funds are offshore.
"Funds are being admitted to 17 different IMA sectors, with the largest number, 42, going into the specialist sector, IMA director of markets Jane Lowe says. "It is pleasing to see the number of offshore funds that will be included initially. We expect the number to grow during the course of this year.
"Setting out clear criteria means investors can compare offshore funds on a like-for-like basis with UK domiciled funds. Advisers and investors need to be aware there are some differences when purchasing offshore funds, so the IMA has produced a factsheet."
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