The Select High Security fund - the ex-Shepherds product - has revealed a new structure following it...
The Select High Security fund - the ex-Shepherds product - has revealed a new structure following its delisting from the Cayman Islands Stock Exchange on 11 February this year.
Mike Abraham resigned as a non-executive director of the Select High Security fund on 15 March and then the management agreement between the fund and Shepherds Investments was terminated on 15 April.
Jeremy Leach has remained a director of the fund while the new directors are Steven Knight of Knights Chartered Accountants in Gibraltar and Graham Boiardini, managing director of UK-based intermediary firm Bayliss Clarke.
The new investment manager is Managing Partners Limited (MPL), of which Leach is managing director. MPL Fund Administration has been appointed fund administrators while Orwell Investment Management is the independent actuary.
Another connection with Shepherds is the retention of Roger Lawrence as an actuarial consultant and some broker consultants from Shepherds.
Leach added that the fund has altered its currency hedging from June. He said: "The hedging in place was not working as we would have liked but we have now set up full hedging so the fund's underlying performance will not be affected by foreign exchange movements for dollar, sterling and euro investors.
"In the 10 months to 30 April, the underlying fund returned over 8% once foreign exchange fluctuations were removed."
The delisting has led to redemptions from the fund.
"We had to raise the minimum investment levels from $25,000 to $50,000. Shareholders who invested less than $50,000 either had to top up their investments or redeem.
"This only affected around 12 investors and $600,000 of assets. Around another $1m was redeemed by Sipp (self-invested personal pensions) holders from the UK as they no longer enjoyed tax benefits after the delisting. The fund now has $30m in assets."
For news about Shepherds Isle of Man funds see "Mann liquidates Shepherds funds' on page 3.
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