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