Goldman Sachs has announced the launch of a Ucits platform for third party fund managers. The platform will utilise Goldman Sachs' prime brokerage division.
The Luxembourg-based Sicav is being launched at the same time as two sub-funds run by Goldman Sachs and the bank says it is working with a number of other hedge fund managers, with the expectation they will launch on the platform in the third quarter.
“We believe that the platform offers our hedge fund manager clients an innovative solution to help them meet the diverse requirements of their investors in a simple and effective manner,” said James Paradise, the firm’s global co-head of prime brokerage, commenting in a company statement.
Lawrence Staden, managing director of GLC, added: "We chose this platform to launch our Ucits funds both because of our long relationship with Goldman Sachs and also because we felt our strategies and their platform offered a genuine realisation of the Ucits ethos."
The bank already has a Ucits platform for its $3 billion in internally managed funds. Other banks have already entered the market as a third party provider, including State Street and SEB, while several others are gearing up to offer Ucits compliant services. Both State Street and Northern Trust have introduced KIID reporting functionality and BNP Paribas has a significant position in the market.
Bank of America Merrill Lynch currently holds the largest dedicated Ucits platform for hedge funds, with Schroders and Morgan Stanley also managing umbrella services.
