S&W Enterprise fund to relaunch as Ucits III vehicle

Smith & Williamson plans to re-domicile its Enterprise hedge fund from the Caymans to Dublin and convert it into a Ucits III structure by the first quarter of 2010.

Subject to shareholder and Irish regulatory approval, the £80m vehicle will move from monthly to daily dealing and will sit as a sub-fund in the group’s existing umbrella company. Run by Rupert Fleming, the fund will not have to change its investment process, as the manager only uses CFDs for the short exposure, the technique allowed under Ucits. From its launch in April 2006, the Enterprise fund has returned 52.3% to 28 August 2009, against a 17.3% decline for the FTSE All Share, according to CITCO and Lipper. Smith & Williamson head of marketing and sales Nick Hodgson says the ch...