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From Kirsten Bischoff, Opalesque New York:
With UCITS III hedge funds gaining $5bn of inflows in July 2010 (20% of hedge fund inflows for the month, and 20% of assets YTD), it is no wonder that managers are scurrying to launch UCITS versions of their funds. A recent survey from KdK Asset Management found that overwhelmingly 80% of respondents have either launched a UCITS fund or are in pre-launch planning for these structures. The trend became increasingly obvious this summer, as traditional hedge fund launch announcements became more and more scarce while UCITS announcements continued to steadily roll out.
The summer months, which have seen only a few scarce announcements for traditional hedge fund launches, have seen a rising number of UCITS launches. The latest being a $25m launch from Morgan Stanley, which will have an event driven strategy (with a focus on Europe). Administrators (such as State Street which brought the first news of the Morgan Stanley launch in announcement that it had received the business at the fund's administrator) are making their moves to capture this market share as well, although the additional requirements have kept some administrators from leaping into the fray. At least two administrators Opalesque contacted today replied that they were not focused on UCITS funds and researchers at Carbon360, the firm that publishes the Fund Administration Factbook told Opalesque that withi...................... To view our full article Click here
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