Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter