IMA set to list 130 offshore portfolios

The IMA has received applications from a further 130 offshore funds to be listed in its sectors.

Since 1 April, the IMA has listed offshore funds alongside UK-domiciled vehicles. The first round of submissions led to 117 offshore funds joining IMA sectors, while another 36 are waiting for their data to be finalised.

Groups whose funds were admitted in the first round include Barings, HSBC, Investec, J.P. Morgan and Schroders.

The IMA says the second tranche of 130 funds is being processed and, subject to meeting the relevant criteria, will be added over the next few weeks. A third round is expected in the autumn.

In addition, offshore funds will be highlighted to help investors and advisers search for them.

IMA director of markets Jane Lowe says: "Offshore funds in IMA sectors continues to grow. We expect several hundred to be classified by the end of 2010.

"With 130 newly submitted funds and a third round for entry in the autumn, the total number of offshore funds in IMA sectors should rise swiftly."