James Williams, Hedgeweek

North MaxQ UCITS fund and Ardsley Partners US Equity UCITS fund launch on MontLake platform… bond funds attract EUR49bn of inflows in February reports EFAMA

ML Capital announced this week the launch of the North MaxQ Macro UCITS fund on its MontLake UCITS platform. London-based North Asset Management has been successfully managing the North MaxQ Macro investment strategy for over 10 years.

The mandate is discretionary global macro, targeting a through cycle absolute return in excess of 10 per cent with 65 per cent of the risk typically allocated to countries within Europe. Founding Partners, Nick D'Onofrio, George Papamarkakis and Belinda Godwin have committed their own capital to both the Firm and Fund, highlighting their belief in both the fund's strategy and performance.
 
Cyril Delamare, CEO and co-founder of ML Capital commented:
 
“The North MaxQ Macro UCITS Fund is yet another interesting product and new strategy on the MontLake UCITS Platform and we're excited to welcome it on board. We wanted to work with North, not only due to their impressive track record, but also the experience of their team, who have a clear vision and strategy. Global macro discretionary is under-represented in the UCITS sphere, and we feel there is a lot of demand for it, which is still untapped.”
 
Nick D'Onofrio, Managing Partner and CEO of North Asset Management added:
 
“MontLake is a leading UCITS platform for the alternative asset management industry and it made a lot of sense to partner with them. Their knowledge of regulations and their history of success with a diverse set of funds makes them the right company to work with to help us navigate the increasingly-complicated European fund marketplace. We feel our fund occupies a unique space in the marketplace in terms of alpha return generation and we are confident that our partnership with ML Capital will help to propel the fund to new heights in 2014 and onwards.”

ML Capital have been busy as this week they announced a second new fund to launch on the MontLake platform: the Ardsley Partners US Equity UCITS fund. 

Ardsley Partners is a long/short equity manager, founded in 1987 and based out of Stamford, Connecticut. They invest globally, with a focus on: technology, telecom, life sciences, energy and alternative energy companies. The company manages around USD900mn in assets and is led by Founder and CEO, Philip Hempleman. 
 
Richard Rankin, Managing Director of Investor Relations and Chief Operating Officer at Ardsley Partners commented:
 
"We are pleased to have joined the MontLake UCITS Platform and excited with the opportunity that it provides us in the UCITS industry. The ML Capital team is experienced and it was the right move to join a top-tier UCITS platform such as MontLake.”
 
Cyril Delamare added:
 
“The Ardsley Partners US Equity UCITS Fund is a strong product from a top company with a stellar track record. There is great demand for US-domiciled long/short managers in the UCITS industry, and in Ardsley we have managed to pick up exactly that. We both have a clear vision for the future, and we look forward to working with the Ardsley team.”

And just to round things off on the fund launch front, EARNEST Partners, headquartered in Atlanta and advising on more than USD20bn for global clients, announced this week the introduction of a new UCITS fund, reported MarketWatch. The fund will give investors access to the firm’s equity strategies, which it has been running since 1999. The EARNEST Partners Global Funds plc is a structured as a Self-Managed Investment Company and is domiciled in Ireland. Paul Viera, founder and CEO of EARNEST Partners, was quoted as saying: “We seek to offer vehicles to clients that provide regulatory oversight as well as economies of scale. The UCITS structure is seen by investors as possessing important investor protection, regulatory, and disclosure characteristics. As a global firm with investments around the world, I am pleased to expand access to those opportunities.” 

State Street Fund Services (Ireland) Limited is the Administrator and State Street Custodial Services (Ireland) Limited is the Custodian. 

Net sales of bond funds jumped sharply according to the latest Investment Funds Industry factsheet produced by the European Fund and Asset Management Association (EFAMA). The report finds that UCITS enjoyed a second consecutive month of inflows in February, attracting EUR49bn; slightly down on the EUR69bn in January. Long-term UCITS attracted EUR51bn of net inflows – the largest net inflows since January 2013. 

Bond funds had a very strong month, with net sales rising from EUR13bn in January to EUR24bn in February. Equity funds also recorded slightly higher net inflows of EUR12bn, compared to EUR10bn in January. 

Bernard Delbecque, Director of Economics and Research, commented: “A strong demand for bond funds was the main driver behind the increased net sales of long-term funds in February, reflecting expectations of continued subdued inflation and low interest rates.”

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