UK adoption of Ucits III creates investment difficulties for multi-manager portfolios
The vast majority of funds of funds (Fofs) will lose their Pep and Isa status from February 2004 should they hold a mixture of Ucits III and old Ucits funds, due to Inland Revenue regulations that came into force last week. Fofs created before 13 February 2002 are only be able to invest in old-Ucits regulated funds and non-Ucits funds without the risk of losing their Pep and Isa status. In August this year, the FSA moved to assure Fof providers with funds authorised before February 2002 they would have until February 2007 to convert to Ucits III status. In the meantime, they would be able...
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