18/08/2010 Author: Shannon Hawthorne

Morgan Stanley opens first FundLogic fund

Morgan Stanley has launched its first Ucits III fund on its FundLogic Platform as the firm prepares plans to make further moves into the space over the next few months.

The fund, which will be managed by alternative fund management firm P Schoenfeld Asset Management, will provide investors with exposure to a global event-driven strategy.

HFMWeek first reported on plans for Morgan Stanley’s Ucits offerings to be launched under its FundLogic brand last month, as well as revealing that the bank had begun incorporating outside managers for its Ucits offerings earlier in the year.

“We’ve had demands from clients that have led us to opening it up,” managing director Heidi Zatlukal told HFMWeek at the time. “The managers that are now coming to the table are not necessarily based in London.”

According to executive director Shahzad Saqidue, Morgan Stanley will be “launching more Ucits funds on FundLogic in the next few months”.

The new fund is domiciled in Ireland and will offer weekly dealing. Northern Trust has been appointed as both custodian and administrator.

According to the Ucits Alternative Index Global, Ucits funds posted gains of 0.53% in July, following two consecutive months of negative returns. The index is currently down 0.28% YTD.

In comparison, the HFRI Fund Weighted Composite Index reveals that traditional hedge funds were up 1.82% in July, and 1.52% YTD