launch of UK Growth product and fund mergers part of drive
Collins Stewart is registering its offshore funds in a number of European countries as part of its strategy to increase sales across the continent.
This follows the merger of its offshore European funds, the launch of a UK Growth product and the opening of two absolute return vehicles to the retail market.
Steve Coxshall, director of Collins Stewart Fund Management, said the registration of its offshore funds in Switzerland, Germany, Austria and Scandinavia will broaden the number of institutions and intermediaries able to invest in them. Even though some institutions and advisers in continental Europe can invest in funds not registered in their local country, Coxshall said registration will enable Collins Stewart to target new private banks, family offices and multi-managers.
"Many IFAs feel more comfortable using registered funds," said Coxshall. "We believe we can increase sales in Europe because many small private banks are attracted to boutique asset managers. They feel it is a way of adding value for their clients."
This is the latest strategy implemented by Coxshall since he joined Collins Stewart from JO Hambro Capital Management 10 months ago. In October, the company closed its Guernsey-domiciled European Equity fund and transferred the assets to the Dublin-based Continental Europe Focus fund.
Both European funds were managed by Rod Sleath who continues to run the single successor product, and Coxshall said it makes the newly merged fund more efficient as it now has assets of e52m. Continental Europe Focus is a Ucits III fund that has distributor status in the UK and is FSA-recognised.
Collins Stewart has also launched the Dublin-based UK Growth fund, which will be sold in Europe, the Channel Islands and Isle of Man. Walker, Crips, Weddle, Beck has been appointed to manage a mirror of its existing UK onshore fund, Walker Crips UK Growth.
Coxshall said: "Sometimes it is not possible to recruit managers such as Stephen Bailey and Jan Luthman of Walker, Crips, Weddle, Beck so the next best thing is to appoint them as managers of our fund in a sub-advisory mandate. We have reached an agreement for the distribution of their investment process outside the UK."
Collins Stewart has also started to market its Absolute Return and Absolute Return Plus funds, which were previously only available to its private clients.
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