Threadneedle Plans UCITS-Compliant Crescendo Successor

Sep 8 2010 | 11:59am ET

Threadneedle Asset Management is readying a UCITS III-compliant version of its U.K. long/short equity hedge fund.

The new UK Absolute Alpha fund will be a regulator-friendly version of Threadneedle’s UK Crescendo Fund. Unlike its predecessor, which is domiciled in the Cayman Islands, the new fund will call the U.K. itself home.

The UK Absolute Alpha fund will also outlive the fund on which it is based: Threadneedle plans to close Crescendo, which has enjoyed annualized returns of 11.64% since its inception in 2001, in October.

The new fund will be managed by Chris Kinder and Mark Westwood. It will invest primarily in stocks included on the FTSE All-Share Index, but will also invest in smaller companies listed on London’s Alternative Investment Market.

UK Absolute Alpha institutional share class will charge 1% for management and 20% for performance above the three-month Libor rate, and features a £500,000 minimum investment. JPMorgan Chase will serve as administrator and custodian.

The new fund will also be available in a retail share class, whose investors will pay a 3.75% initial charge, 1.5% management fee and 20% performance fee.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of