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UBS set to bring offshore US fund into UK

UBS is looking to bolster its US range by bringing its offshore USA growth fund into the UK market, Money Marketing understands.

The fund will complement Tom Digenan’s US equity offering, with a launch date in the final quarter of this year.

UBS (Lux) equity Sicav USA growth launched in October 2004, returning 35.8 per cent net of fees to date.

The fund is benchmarked against the Russell 1000 Growth index and will typically hold 35 to 55 stocks. Leading investment themes in the offshore portfolio at present include healthcare, financial services and consumer discretionary.

The fund will be run by the US team which run a series of mandates but it is understood that no lead manager has been appointed as yet.

Hargreaves Lansdown senior analyst Meera Patel says: “Growth has been doing well in the past year and looks set to do well for the next couple of years. You just have to remember that the US is the first to go in and out of recession.

“We will reserve judgement on the fund until we have spoken to them but there are also a number of valid opportu- nities already out there.”


FSA bans directors over £3m deficit

The FSA has banned three directors of BPS Insure for failing to notify it of a £3m deficit in its client account. London-based BPS also used client money to pay its general expenses, further increasing the deficit.

Hounded by an unfair regime

As my firm has been mentioned in an article in Money Marketing, I feel that it is reasonable for me to comment.

Enduring interests

I have been banging on for the past couple of weeks about the now seemingly unfashionable flexible interest in possession trust.


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