Luxembourg multi-manager fund targets institutions
LUXEMBOURG – Premium Select Lux, the Luxembourg based multi-manager outfit, has unveiled a new multi-manager fund family for institutional and high net worth individuals.
The Premium Select Fund, a Luxembourg listed Fond Commun de Placement (FCP) subject to UCITS legislation, offers a choice of investment in a range of ten tailor made portfolios, including high-tech, Japanese equities, US dynamic growth and European equities.
The fund has already attracted around e133m in initial seed investment from two of its shareholders – Hannover based general insurer VHV Versicherungen and Hamburgische Landesbank in Hamburg.
Sohail Jaffer, managing director of Premium Select Lux, comments: “We believe that the multi manager best in class approach is particularly relevant in the current investment climate. With bear markets around the world making investors nervous, we believe the benefits of global diversification through multi-manager portfolios can capture the potential for robust long-term performance while simultaneously managing the risks of short-term volatility.”
Jaffer says portfolio risk, asset allocation and performance attribution of the managers within the multi-manager will be monitored regularly and managers replaced where a problem is identified.
Custody and fund administration will be provided by Dexia Banque Internationale – part owners of Premium Select Lux, with manager due diligence carried out by consultant Watson Wyatt.
Management fees for the fund will come out at between 0.5% and 1.5% per annum of the average net assets of the respective sub funds.
Minimum investment is e250,000.