Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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 French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Henderson Eurotrust's Stevenson: dealing with European cynicism

Henderson Eurotrust's Stevenson: dealing with European cynicism

Tim Stevenson talks about where he finds his opportunities in the current environment in Europe

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Read More
Wealth Manager on Twitter