The strategies available in a UCITS structure have widened
and deepened over the past few years.
A broader perspective on this development was given by a panel
moderated by UCITS fund allocator Michele
Gesualdi (pictured below), a partner at Kairos
The panel included fund managers who run equity, event driven
and systematic funds plus Andrew Dollery from prime broker
Newedge – where, in the UCITS space, about two-thirds
of its clients run non-equity strategies.
There are three criteria that make his strategy
UCITS-compliant, according to David Nikodem, from Paris-based
Exane Asset Management, who runs a long/short healthcare
He said: "We have mainly simple instruments like equity and we
do not use derivatives. We have low leverage and we focus on
liquidity – we look at stocks and equities that are
very liquid instruments."
Credit strategies, which are included in the
firm’s offshore hedge fund, are not included in