A gold denominated UCITS fund has been launched by Geneva-based Palaedino Asset Management.
The Axiom Fund, advised by Palaedino, is believed to be the first gold UCITS fund. It is a Luxembourg-domiciled UCITS III SICAV. The fund currently is reserved for institutional clients.
However it is going through the registration process in a number of European countries, including Switzerland, which will give access to the general public.
Investors who choose the new gold share classes will be available to the full range of Axiom products which includes: global equities, global fixed income, global diversified and the newly launched UCITS Alternative Investable Index Fund (which has no performance fee).
Jerome Berset, senior