luxembourg sicav launch expected to be announced by the end of 2006
Artemis, the quintessential UK asset management house, is to expand into Europe by launching a Luxembourg Sicav, which will include a small range of its funds.
Although Artemis would not comment on its plans, it is understood the group is now in the final stages of regulatory approval and the move is likely to happen by the end of 2006.
As well as targeting European investors, Artemis funds would have more appeal among jurisdictions such as the Channel Islands, because investment in Luxembourg Sicav funds offer taxation advantages over UK-domiciled funds for its residents.
Initially, three funds would be included in the Sicav, mirroring the group's current offerings.
Among the funds to be offered are mirrors of Artemis European Growth, managed by Philip Wolstencroft and Peter Saacke, Artemis Global Growth, managed by Peter Saacke and Artemis Capital, managed by Jacob de Tusch-Lec.
The group's plans to target Europe follows on from its entry into the UK institutional market in recent years.
In 2006, the group has won more than £1.5bn in new mandates from UK institutional investors during 2006. Institutional assets under management are expected to exceed £4bn by the end of the year and the group overall has current assets of £10.8bn.
This year has seen mandate wins across a number of different strategies, including European equities, equity income, UK growth, special situations, UK small cap and most recently global equities.
Artemis has also recently launched an institutional global equity pooled fund, managed using the in-house proprietary investment process - SmartGarp. This will seek to outperform the MSCI Global benchmark by 5% pa over a rolling three years, but will not be constrained by the benchmark.
The launch follows Artemis' successful retail equivalent and the highly rated European equity capability.key points
Artemis to launch European Sicav
Global, European and UK funds to be included
Institutional business growing
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