Industry Updates

Morgan Stanley and Claritas Investimentos launch UCITS fund

Tuesday, December 13, 2011

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Opalesque Industry Update - Morgan Stanley announced the launch of a new fund under its Irish UCITS umbrella, FundLogic Alternatives Plc. The MS Claritas Long Short Market Neutral UCITS Fund (“Fund”) will be managed by Claritas Administração de Recursos Ltda. (“Claritas”) which currently has approximately US$1.87 billion assets under management, and will offer access to a Brazilian Long / Short Equity Market Neutral Strategy with weekly liquidity. The Fund will target uncorrelated returns within Brazilian equity indices, taking advantage of opportunities in the Brazilian equity market all sectors considered, while maintaining a maximum net long exposure of +20% and net short exposure of -20%.

“We are proud to partner with Claritas, one of the pioneers of the Brazilian alternative investments industry, to launch the first absolute return UCITS fund exclusively focused on the Brazilian equity market,” commented David Armstrong, Managing Director and Global Head of Fund-Linked business at Morgan Stanley. He added, “This latest addition addresses investors’ appetite for emerging exposures within a market neutral portfolio that aims at performing irrespective of market conditions. Claritas’ highly experienced investment team, led by Helder Soares, will provide investors with a diversified representation of the many alpha extraction opportunities in the Brazilian equity market within the UCITS framework”.

Commenting on the new launch, Helder Soares, Portfolio Manager and CIO of the Equity Funds, noted, “We are thrilled to enter the UCITS space along with Morgan Stanley, leveraging their indisputable expertise. We believe our focus on constructing a market neutral portfolio, using fundamental research on individual securities as well as liquidity and risk vs. return projections, fits perfectly with the UCITS investors’ philosophy. Our idea generation process, which combines a top-down macro analysis of broad economic factors and trends to a bottom-up micro analysis of individual stocks has proven its ability to generate impressive returns over the past 10 years and sets us apart from competition. ”

FundLogic is the platform brand name for Morgan Stanley fund solutions launched in 2006. It can offer both UCITS and non-UCITS funds on a global basis. The platform delivers fund solutions to clients by combining the financial expertise, innovation and resources of Morgan Stanley and offers a range of products including simple index funds, structured funds and the more recently launched third party manager-UCITS Funds.

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