State Street has been appointed by Strategic Investments Group to provide investment services for its new Ucits product, Strategic Active Trading Funds.

State Street's operations in Ireland will provide a range of fund administration services to the new fund, which launched in May with USD250m in assets.

As the first alternative Ucits multi-adviser fund to invest entirely in dedicated separately managed accounts, it provides exposure to a range of alternative investment strategies, with the aim of generating absolute returns.

Deutsche Bank collaborated in the development of the fund and is conducting independent risk monitoring for the fund.

"State Street was selected as our fund administrator based on its extensive product capabilities," says Thanos Ballos, managing partner, Strategic Investments Group. "Its global presence and demonstrated ability to support sophisticated Ucits-compliant funds were also key considerations."

"We are delighted to bring our best-of-class manager of managers daily servicing capability to Strategic Investments Group's innovative new product," says William Slattery (pictured), executive vice president and head of European offshore domiciles for State Street. "We look forward to embarking on new relationships with SIG and Permal as they develop new solutions for the European investment industry."