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Deutsche Bank and Winton launch UCITS III fund

Friday, June 18, 2010
Opalesque Industry Update - Deutsche Bank and Winton Capital Management (‘Winton’) announce the launch of a UCITS III compliant version of Winton’s flagship Diversified Program.

The UCITS III fund, called the DB Platinum IV dbX Systematic Alpha Index Fund (‘The Fund’), which will be launched on Deutsche Bank’s Platinum platform is linked to the performance of the dbX Systematic Alpha Index. The index, whose components are selected by Winton, reflects exposure to approximately 100 global exchange-traded futures, forwards and options markets on commodities (including energies, base and precious metals and crops), equity indices, bonds, short-term interest rates and currencies. The strategy is primarily trend-following, attempting to take advantage of the observable tendency of the markets to trend and to move in both upward and downward directions.

Winton is a global investment manager with over $13bn in AUM and a 12 year track record. The Winton Diversified Program has experienced an annualized return of 17.07% from its inception in October 1997 to end May 2010**. The Winton strategy is focused on scientific research into financial markets which is led by the company’s founder David Harding and supported by the expertise of approximately 90 researchers located in London, Oxford, Cambridge and Hong Kong.

Investors in the UCITS III Fund will benefit from the provision of weekly liquidity with fund NAVs published on Reuters, Bloomberg and online. The Fund will be available in EUR, GBP, USD and JPY and intends to apply for Reporting Fund status in respect of the GBP share class.

Commenting on the new fund, Stephane Farouze, Deutsche Bank’s Global Head of Fund Derivatives said, “We have seen a surge in the growth of investors’ desire to invest via the more liquid UCITS and managed account products and therefore continue to work with leading hedge fund managers to bring their expertise onto our platform. Winton’s long standing success will make this particular product attractive to investors wanting to access the returns of a leading managed futures hedge fund in a UCITS III format.”

David Harding, founder and managing director of Winton Capital Management commented, “By providing our trading strategy in a UCITS III format we will be able to diversify our investor base. We have chosen to work with Deutsche Bank because of their extensive operational and risk management experience as well as the broad distribution network the bank provides for its platform.”

Winton’s decision to support this UCITS III product reflects a growing demand among investors for new ways to invest in hedge funds, including regulated and liquid UCITS III funds and managed accounts. Deutsche Bank’s Platinum platform has 12.96bn EUR under management and the bank’s managed account platforms, the X-markets hedge fund platform and db select, have grown strongly with $8bn under management.

* The above returns are shown net of management fee, performance fee and other fees and costs that are different from the fees and costs associated with the Fund. Past performance is not a reliable indicator of future results.
** The Fund does not provide exposure to the Winton Diversified Program. The Winton Diversified Program’s track record is being shown here to illustrate Winton's long term track record and skills in managing investment strategies. There will be significant differences between the Winton Diversified Program and the Fund. The information relating to the Winton Diversified Program's track record should not be used as a direct comparison to the Fund. Please note that no representation is being made that the Fund is likely to achieve returns in the future similar to the Winton Diversified Program’s track record shown above. Past performance is not a reliable indicator of future results.

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 80,849 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

David Harding, who is one of the pioneers of trend following, systematic trading in Europe, founded Winton with a commitment to statistical research into financial markets in 1997. Research remains the very core of the company which now employs approximately 90 researchers with PhDs and Masters Degrees at four specialist campuses in the UK and China. Winton has designed and executed a proprietary systematic trading programme in which it can hold long or short positions in over 100 futures, forwards and options markets around the globe. Since inception Winton has grown to become one of the world’s largest CTAs (Commodity Trading Advisers) with total AUM currently in excess of $13 bn.


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