Saturday, 30 July 2016
Last updated 17 hours ago
Feb 22 2012 | 3:31am ET
Having ceased to be a U.K.-focused hedge fund in all but name last year, Lansdowne Partners is rechristening its flagship offering.
For more than 10 years, the US$7.5 billion vehicle has been the UK Equity Fund. But last year, Lansdowne abandoned a provision that required half of the fund's assets to be invested in the U.K. Now, it's dropping the UK from the name.
Beginning in April, Lansdowne's flagship will be known as the Developed Markets Fund. Investors have already approved the changes, which allow the fund to put up to 10% of its assets into emerging markets.
Managers Peter Davies and Stuart Roden have no plans to do so just yet, Reuters reports.
In November, Davies and Roden explained the change.
"The U.K.'s position as a magnet for globally relevant companies has clearly diminished in recent years leading to an excessive bias towards commodity-based sectors," they wrote to clients.