Goldman Sachs has launched a UCITS fund platform for third-party managers, to be supported by its prime brokerage division.
The global, multi-manager platform provides managers with the ability to create their own independently managed UCITS-compliant funds under the Luxembourg SICAV-structured platform. Fund managers trade using their own strategies and service providers, including custodians, administrators and auditors.
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, says James Paradise, global co-head of prime brokerage at Goldman Sachs.
The platform is launching with two sub-funds managed by GLC Ltd, which Goldman Sachs says may be registered for public distribution in the UK in the future. Goldman Sachs is working with several other managers for launch later this summer/autumn, it said in a statement.
“We are delighted at the successful launch of our two UCITS products, says Lawrence Staden, Managing Director of GLC. 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 realization of the UCITS ethos.”
Goldman Sachs established its first Luxembourg platform in 2007, managing $3 billion in in-house funds.
Goldman Sachs is the largest prime broker in terms of the percentage of assets under management as reported in the Global Custodian 2011 Prime Brokerage Survey.
(CG)