IMA adds 71 offshore funds to its classification system as it broadens the choice for investors |
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| News - Alternative Investments | |||
| Written by Ray Clancy | |||
| Thursday, 01 April 2010 08:34 | |||
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The Investment Management Association is to include 71 offshore funds in its sector classification system from April, it has announced. A further 89 are pending, while 20 funds have been rejected and it hopes to launch a call for a second tranche of admissions in the near future, with a third set for the final quarter of 2010. In order for an offshore fund to be placed in the IMA sectors it must fulfil specified criteria and have submitted all the required information. They must also be domiciled in the European Union, authorised in their own country and comply with the same European product legislation known as UCITS. ‘The inclusion of offshore funds into IMA sectors is a natural evolution for our classification system and takes account of the intended flexibility for distributing European funds,’ explained Jane Lowe, IMA director of markets. ‘The change should make a wider choice of funds available to investors and allow offshore fund providers to market their funds on an equal footing to UK domiciled funds,’ she added. The offshore funds will be fully integrated in to the existing sector classification system, allowing comparisons between funds to be made on a like for like basis. However, the IMA will flag which funds are offshore so that investors and independent financial advisors can search for this data if they so require. The IMA believes that having these funds in its system offers a wider choice to investors and creates the opportunity to diversify portfolios. But it points out that an investment in an offshore fund may be taxed differently to investments in UK funds and may be subject to a different investor protection scheme which could affect how you make a complaint or seek compensation if things go wrong. The IMA sectors, of which there are over 30, allow easy navigation around the large number of funds available in the UK. The sectors help to identify funds with similar characteristics so that investors can make comparisons including performance
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