GUINNESS FAMILY OFFICE’S NEW FUND
Iveagh Private Investment House – home of the Guinness family’s office – along with 47 Degrees North Capital Management have launched the new Iveagh Newcits Fund at the start of June. This is a fund of Ucits hedge funds that is within a Ucits structure, which offers investors – both institutional investors and private clients – access to a diversified portfolio of Ucits regulated absolute return strategies. The fund corresponds with all Newcits regulations, and sells itself on the transparency and liquidity it can offer investors.
UCITS PORTFOLIO MONITORING LAUNCHED
Financial services company Northern Trust yesterday announced the latest enhancement to its Hedge Fund Monitor. Ian Headon, senior product manager for alternative asset servicing at Northern Trust, said: “The new offering will help fund managers running Ucits funds-of-hedge-funds to monitor their compliance with restrictions on liquidity, concentration risk and exposure to underlying non-Ucits funds.” Northern Trust said the enhanced monitor comes at a time when a growing number of investors require greater transparency from their managers.
60TH BIRTHDAY FOR NB’S GUARDIAN FUND
One of the oldest continually-operated mutual funds marked its 60th annniversary yesterday and has consistently outperformed the S&P 500 on an annualised basis since 2002. Neuberger Berman’s Guardian Fund was launched on 1 June 1950 by Roy Neuberger, who managed it for the next 28 years. The fund now has $1bn of assets under management and has been managed since December 2002 by managing director Arthur Moretti and his team. Under Moretti, the fund has produced an annualised 8.51 per cent net return compared to 6.26 per cent for the benchmark.