Group set to convert absolute return to Ucits III
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Standard Life Investments (SLI) is converting its Global Absolute Return Strategies (GARS) into a Ucits III format later this month.
The £2 billion fund, managed by SLI’s multi-asset team, is structured as a non-Ucits retail scheme (Nurs) but will be converted at the end of March.
Jacquie Kerr, the head of mutual fund investments, says the move will increase SLI’s scope to distribute the fund. “The GARS product is a Nurs but we are in the process of converting it to a Ucits scheme, which will broaden our ability to market it in Europe,” she says.
“There was nothing we thought we would have any foreseeable likelihood of using that we couldn’t get from Ucits,” she adds.
The regulator and the fund’s trustees have agreed to the conversion.
The investment strategy of the fund remains unchanged.
