FUND MANAGEMENT NEWS
JEYES HIRES SEI AS FIDUCIARY MANAGER
Household cleaning product manufacturer Jeyes has this week appointed SEI as fiduciary manager to the £22m Jeyes pension fund and the £2.6m Jeyes Supplementary Pension Scheme. SEI’s Institutional group is the largest global provider of fiduciary management services and currently has over 500 fiduciary management clients. Tim Cave, chairman of trustees for the two Jeyes funds, said the decision to appoint a fiduciary manager was taken because the trustees were keen to enhance the governance of the scheme and he potential to make the assets of the scheme work harder.
GLENDEVON KING LAUNCHES SICAV-SIF
Fixed income specialist Glendevon King Asset Management has entered the continental European market space with the launch of its Global Fund SICAV-SIF, which is domiciled in Luxembourg. The non-UCITS, specialised investment fund will be marketed to European bond investors, predominantly in Switzerland and Italy. The fund, which was launched last Thursday, will be managed by Yannick Naud. Historically, Glendevon King has advised on bespoke bond portfolios for high net-worth individuals, held in a Guernsey Protected Cell Company (PCC).
HEDGE FUNDS STILL GAINING ASSETS
Despite the market turmoil, hedge funds still found favour in the second quarter of the year, receiving net inflows of $9.5bn, according to figures released yesterday by Hedge Fund Research. Volatility returned to global capital markets and HFR’s fund-weighted composite index posted a decline of 2.5 per cent in the three months to June. Investors continued to exhibit a clear preference for the industry’s most established firms with $8.8bn of total net inflows going to hedge funds with more than $5bn in assets under management. Funds of funds continued to see outflows.