Wrapper switch creates the largest UCITS hedge fund from Standard Life Investments

Tue Oct 19, 2010



Wrapper switch creates the largest UCITS hedge fund from Standard Life Investments


The $8.4 billion (£5.2 billion) Global Absolute Return Strategies or GARS portfolio run by Edinburgh-based Standard Life Investments transferred into the UCITS wrapper which allows it to passport the fund to other European countries. It is believed that this move makes it the largest UCITS hedge fund and one of the largest transfers of its kind.



Tam McVie from Standard Life Investments

The fund was a structured as a Non-UCITS Retail Scheme or NURS, a fund that does not fall under the rules of the UCITS III directive. A NURS fund does not have a passport to allow the fund to be sold throughout the European Economic Area without re-authorisation in any host state.

GARS was initially set up as an internal...

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