Henderson Global Investors has converted its multi-manager fund range to a non-Ucits retail scheme. It follows a similar move by Gartmore reported in last week’s Fund Strategy(see Gartmore revamps its MulitManager range).
Henderson offers three multi-manager funds: the 71m Henderson Independent Income Portfolio, the 11m Henderson Independent Distribution Portfolio and the 119m Henderson Independent Growth Portfolio. All multi-manager funds have until February 2007 to decide whether to be Ucits III or Nurs.
Darius McDermott, managing director of Chelsea Financial Services, says that he is not surprised by the trend to convert multi-manager funds to Nurs. “Nurs were given a boost at the end of last year when they became Isable and that makes the format more attractive to fund of funds managers,” he says.
Ben Yearsley, an investment manager at Hargreaves Lansdown, agrees that Nurs gives more flexibility but says it would not affect his decisions. “Nurs gives more flexibility but it would not necessarily make a fund more or less attractive” he says.
Justin Modray, an adviser at BestInvest, says there are several benefits in converting to Nurs.
“They can invest up to 20% in unapproved or exempt funds so it widens the range of funds they can look at and it gives the manager more freedom” he says.
Credit Suisse has also announced changes to its multi-manager range. Two of its funds are being renamed to ensure “consistency”, and the minimum monthly withdrawal, amount, previously set at 250, is being lowered to 100.