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
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter