Investment bank Dresdner Kleinwort Wasserstein (DrKW) has launched its new ‘Defined Funds’ initiative.
This consists of ‘Gresham Defined Funds’ (a UCITS III retail fund) and ‘Fenchurch Defined Funds’ (a Non-UCITS retail fund). Both are Open Ended Investment Companies (OEICs) domiciled in the UK and authorised by the Financial Services Authority. They enable DrKW to issue structured products based on a wide variety of asset classes.
“We are very excited about the potential of these new platforms” says Mike Egerton, Director in the Retail Solutions Group of DrKW’s Capital Markets business. “DrKW now has the full capability to help our clients invest in, or develop for distribution, onshore regulated structured products which address the major shortfalls typically encountered with other platforms such as a lack of transparency and liquidity.”
Jonathan Kent, deputy chief investment officer of Kleinwort Benson Private Bank, comments, “We are delighted to be partnering with DrKW for the launch of these sub-funds. While the structures themselves are innovative, they are also user friendly and attractive for investors offering all the salient features such as transparent charges, daily dealing and ease of administration that an investor would expect from a UK OEIC-based product. Moreover, since this is an onshore vehicle, any gains are currently subject to CGT which many investors will find appealing.”