Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

SLI rules out Gars soft closure after eradicating loophole

SLI rules out Gars soft closure after eradicating loophole

Standard Life Investments (SLI) has put a stop to retail investors accessing its Global Absolute Return Strategies (Gars) fund's cheaper institutional share class.

The company has scrapped a loophole which allowed investors via certain platforms to use the institutional share class with no minimum investment. Anyone putting in less than £5 million will now have to use the more expensive Platform 1 (P1) clean share class.

'The institutional share class is for investors or large individual investors investing a minimum of £5 million. Institutional investors deal at a slight discount to retail investors because of the economies of scale associated with the larger sums involved by institutional clients,' a spokesperson for SLI said.

'We have no plans to stem flows or soft close our Gars fund. The fund remains fully open to new business via all distribution channels,' they added.

Gars, which surpassed the £30 billion mark at the end of last year, is headed by Citywire A-rated Guy Stern (pictured). It aims to deliver an absolute return over rolling 12-month periods, with a target return of cash + 5% per annum (gross of fees) over rolling three-year periods and at the end of 2013.

In the five years to the end of November the retail version of the fund has returned 59.2% and is the best performer in its Alternative Ucits - Multi Strategy peer group by 34%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter