Goldman Launches UCITS Platform08.02.2011
The bulge bracket has been getting more involved with the ever-popular Undertakings for Collective Investment in Transferable Securities (UCITS) business. Bank of America Merrill Lynch and Morgan Stanley have large, dedicated UCITS units in both the U.S. and Europe ready to serve clients.
Deutsche Bank and Schroders also have UCITS platforms for hedge funds interested in replicating existing strategies in the retail-friendly format.
Goldman Sachs is now ready to get its feet wet in the space with a UCITS platform that will utilize Goldman’s existing prime brokerage services in a partnership with London-based hedge fund GLC.
Goldman has an existing internal UCITS platform not available to the public with about $3 billion in assets. The new structure will be domiciled in Luxembourg where many other firms are settled.
“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,” Lawrence Staden, managing director of GLC, said in a statement.
The timing of Goldman’s external platform launch coincides with the UCITS IV directive going into effect on July 1. This has put the company in a good position since it has no external funds that are grandfathered into the older UCITS III directive.
Goldman Sachs declined to comment further.