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Guinness family office launches first retail fund

Iveagh, the office created to manage the Guinness family’s assets, has launched its first retail fund.

The Iveagh wealth fund is a multi-asset fund targeting annualised returns of 9.5 per cent.

The new fund will be managed by the Iveagh investment committee under the leadership of John Ricciardi and Cambiz Alikhani.

The fund will replicate the portfolio optimisation and asset allocation strategies currently used by Iveagh for its high net worth clients. It will also chart major market movements using proprietary research conducted by the Iveagh investment committee.

The optimised portfolio universe is drawn from alternatives, real assets, major market equities, emerging market equities, bonds and cash, investing almost entirely in daily dealing quoted securities.

The tactical asset allocation strategy aims to increase returns and reduce downside risk through quarterly tactical adjustments on holdings. This strategy uses highly liquid instruments such as exchange traded funds and the direct purchase of government bonds.

The fund is Ucits III qualified and has a minimum investment of £50,000, or the currency equivalent. It offers income and accumulation shares, subject to 18 per cent capital gains tax for UK investors. The annual management fee is 1.5 per cent, and the performance fee is 10 per cent over hurdle.

Iveagh wealth fund manager John Ricciardi says: “Our primary preserve and enhance our clients’ wealth, and we do this by seeking to manage risk and provide protection and growth in good and bad market conditions. We believe this requires a profound understanding of asset price cycles and investor psychology, so our approach combines valuation and behavioural analysis, helping us to achieve absolute returns over a market cycle.”


The intern from the FSA

When I told my fellow directors that the FSA was coming to visit us for three days, you will not be surprised to learn their initial reaction was not one of joy and celebration. Not that we have anything to hide from the regulator, you understand, just they felt it might be something of an intrusion on our work plans.


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