IMA adds 49 offshore funds to sectors

The IMA has approved 49 offshore funds for entry into its sectors in the second wave of additions.

Groups which have had funds approved include Allianz Global Investors, BlackRock, Chahine Capital, Fidelity, GAM, Invesco and Jupiter.

Since April, the IMA has allowed offshore funds to list in its categories provided they meet specific criteria.

This second tranche brings the total number of offshore funds to 175, in addition to 10 absolute return funds the association added last year.

The IMA is inviting submissions for a third tranche which is expected to close in the autumn.

Jane Lowe, director of markets, says: "We have seen a steady appetite from offshore funds to enter the IMA sectors.

"The total number of offshore funds in IMA sectors should continue to rise, enabling investors to access a wider choice of funds and allowing offshore fund providers to market their funds on an equal footing with UK domiciled funds."