The growth of UCITS III absolute return strategies - A slow burn ahead?

Tue Oct 27, 2009

The investment powers enshrined within UCITS III may seem sweeping and attractive enough today to managers looking to tap into the onshore investor base. But those that responded early to the opportunities they offered say that, at the time, UCITS III attracted surprisingly limited attention.

As an example, take a manager such as BCM & Partners, which was set up in June 2005 by five partners from Morgan Stanley’s private wealth management division. BCM now has almost $1 billion under management across a range of strategies and funds, including two Luxembourg-regulated 'sophisticated’ UCITS III funds.

"When we started in 2005 the UCITS Directive was key to our plans," says Carlo Michienzi, partner and co-CEO. "Our main objective was to create a business that would bridge the gap between what we perceived to be products delivered to traditional investors from the long-only space, and what the hedge fund community was offering...

ISSN: 2151-1845 / CDC10004H

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