| Bumper month for funds as 57 new funds list on ISE |
|
| The year got off to a super start with 57 new funds listing, and the outlook for the rest of the year also looks positive with growth of 18 per cent predicted. |
Davy Stockbrokers (Aoife Colgan)
The Christmas and New Year period was extremely busy for Davy as new funds were launched and existing structures with a 31 December year-end raced to add additional classes and/or sub-funds, before the year was rung out.
The usual variety of fund structures were employed in this period with the master-feeder structure remaining uncontested in popularity. Funds opting for the master-feeder structure include: Ajia-RPMH Asia Absolute Return Fund Limited, Reliance Multi-Adviser Fund Limited and RAB Fairseat Enhanced Fund plc, domiciled in the Cayman Islands, British Virgin Islands and the Isle of Man respectively. Among the fund of funds admitted to listing were five funds promoted by Aurum Fund Management Ltd., thus highlighting the increased attractiveness of the fund-of-funds structure as a method of indirect investment.
One identifiable trend is the prevalence of a more European focused investment strategy. Davy-sponsored funds with a European investment strategy include Marshall Wace European Tops Fund Limited, Pygar Fund (Cayman) Ltd., Aurum Europa Fund Ltd. and RAB Emerging Europe Fund Limited, the latter hoping to produce superior risk-adjusted, long term returns, primarily through investment in emerging European equity investments. Domestically, Davy listed a number of new umbrella structures including Avalon Absolute Return Funds plc, Lehman Brothers Liquidity Funds plc and JVF Umbrella Fund. Davy also sponsored Stratton Street PCC Limited, an open-ended protected cell investment company domiciled in Guernsey, which also utilises an umbrella-type structure.
The period under review also saw many previously listed Davy-sponsored funds tagging-on additional sub-funds with different strategies that were considered attractive to their existing investors. Of interest is the geographical breakdown of some of these new sub-funds’ investment strategies. Magna Umbrella Fund plc listed a new sub-fund called Magna Latin America Fund which, as the name suggests, focuses on Latin American securities. Similarly, Comgest Growth plc tagged on a sub-fund called Congest Growth India whose portfolio consists of long-term growth companies having their headquarters or carrying out their predominant activities in India. Given the level of listing over the past year, Davy is looking forward to another busy and productive year in 2005.
Goodbody Stockbrokers (Myles Daly & Maeve Lynch)
Goodbody Stockbrokers finished 2004 on a high note with a steady stream of listings in both investment fund and specialist debt products. The master-feeder structure again proved very popular in the period under review. UBS Neutral Alpha Strategies (Feeder) Limited was established to afford investors the opportunity to invest indirectly in UBS Neutral Alpha Strategies Limited, the master fund. The investment objective of the master fund is to realise risk-adjusted appreciation in the value of its assets through the allocation of capital among alternative asset managers and the funds that they operate. Bernstein Absolute Multi-Strategy Fixed Income Hedge Fund, Ltd, will invest substantially all of its assets in Bernstein Multi-Strategy Fixed Income Master Fund Ltd. The investment objective of the master fund is to achieve low correlation to traditional fixed income and equity strategies and lower volatility than intermediate bonds. Irish domiciled listings which took place during the period included SGAM Systematic Directional Fund Enhanced and Vanguard US Investment Grade Credit Index Fund a sub-fund of Vanguard Investment Series Plc, an already listed umbrella.
Specialist securities listings included the listing of Classic Finance BV- Series 2004-3 and Series 2004-6 and Alexandria Capital Plc - Series 2004-18 and Series 2004-19. Both Classic Finance BV and Alexandria Capital Plc are issuers under the Classic Asset Backed Medium Term Note Programme. Goodbody Stockbrokers also acted as listing agent in the listing of a number of warrants issued under the Morgan Stanley Reg S Programme.
JP Morgan Bank (Ireland ) PLC (Sinead O’Gorman)
A considerable number of specialist debt securities listed in the period under review with Barclays Bank PLC enjoying a particularly busy time. Barclays acted as the arranger for a number of deals, such as the ?10 billion structured note programme update, ARLO V Limited Series 2004-IV (Class A-2), ARLO IV Limited Series 2004 (Grasse), (Gstaad), & (Grenada) and ARLO II Limited (Republic of Korea-A). Morgan Stanley listed Series 358 under its program for the issuance of notes, Series A and B, and warrants.
E.L.A.N. Limited, arranged by Morgan Stanley, listed Series 2004-13, a sterling-denominated, fixed rate note series under its structured note programme. Callidus Debt Partners CLO Fund III, Ltd., arranged by JP Morgan, listed seven tranches of senior FRNs. Signum Finance III PLC listed Series 2004-4, a tranche of euro-denominated inflation-linked notes due 2033 and Signum Finance I PLC listed Series 2004-3, a tranche of Euro-denominated zero-coupon, equity-linked notes due 2009.
Both transactions were arranged by Goldman Sachs International. Ryder Square Limited listed four series of notes in early January. Evergreen - Series 3, 4, 5 & 6 are asset backed credit-linked notes under Ryder Square’s MTN programme. Commerzbank was the Arranger for all four series. CapitalSource Commercial Loan Trust 2004-1, a Delaware statutory trust, listed five tranches of FRNs, arranged by Citigroup, Wachovia Securities & Harris Nesbitt.
The securities are backed by a pool of 105 Senior Secured Loans of 96 Obligors. The obligors on the loans are holding or operating companies primarily in the healthcare, finance, business services, manufacturing, construction and media services. FIRST 2004-II CLO, Ltd. & FIRST 2004-II CLO Corp., arranged by JP Morgan, listed five tranches of senior notes and preferred shares. Alesco Preferred Funding VI, Ltd. and Alesco Preferred Funding VI, Inc. listed thirteen tranches of fixed and floating rate notes, preferred shares and combination notes due 2035. The arranger was Merrill Lynch & Co. GE Capital UK Funding and GE Capital Euro Funding both listed two tranches under their respective MTN programmes.
McCann FitzGerald Listing Services Limited (Eibhl?n Johnston)
Investment funds listing continued to be busy, with four new funds admitted to the Official List during the month: DD Euro Growth Fund; DD Growth Premium Fund; GAIM Absolute Return Funds plc and Impax Funds (Ireland) plc.
There were new sub-fund listings for Census Investments 26 plc - 12G Shares Fund, Macquarie Equinox Ltd - Class 'E' Participating Shares and KBC Alpha Fund spc, which listed a new segregated portfolio, KBC Pacific Market Neutral Fund of Funds. As ever, there were also a large number of new series of shares listed for existing funds and four new classes of shares of Ichibanboshi Unit Trust
Seven new specialist securities were admitted to the Official List during the month. These included two further student loan securitisations, SLC Student Loan Trust 2004-1 and Brazos Higher Education Authority, Inc. The notes issued on behalf of these issuers are secured principally by a pool of student loans originated under the US Federal Family Education Loan Program.
Following the launch of Titan Europe 2004-1 plc which listed in early December 2004, Credit Suisse First Boston has launched Titan Europe 2004-2 plc, a commercial mortgage backed securitisation conduit structure. These transactions represent a roll out in Europe of a proposed pipe-line of 'Titan Series' transactions, following the existing US Titan Series model. In addition, the securities of TABS 2004-1 Ltd., Millerton ABS CDO Ltd, FriedbergMilstein Private Capital Fund I and Credit Suisse First Boston Mortgage Securities Corp Series 2004 –TLF2 were also listed.
NCB Stockbrokers (Joanne McEnteggart)
On the investment funds side, Corinthian International Limited launched Corinthian Asset Management, Ltd., the sub-fund of which Conservative Equity Portfolio has listed. Pequot Capital Management, Inc. launched Pequot Diversified Offshore Fund Limited. A further sub-fund APS Small Cap Alpha Fund was added to APS Growth Fund. A new sub-fund was added to The EMM Umbrella Funds.
Further share classes were added to Highland Opportunity Fund Limited. A new share class was added to AIMS Low Volatility Fund of Alternative Investment Managers Selection Plc. New share classes were also added to Acropolis Select Funds Ltd and to London Diversified Fund Limited. New share classes were added to Liberty Ermitage Gold & Resources Fund Limited.
On the specialist security side, Wachovia Securities and Banc of America Securities LLC acted as initial purchasers for C-BASS CBO XII Ltd and C-BASS CBO XII Corp., which listed four tranches of notes. Citigroup arranged Chatham Light CLO, Limited and Chatham Light CLO, Corp., which listed five tranches of notes. Cathedral Capital plc listed its two tranches of bonds. UBS Investment Bank arranged GSC partners CDO Fund V, Limited and GSC Partners CDO Fund V, Corp., which listed nine tranches of securities. BNY Capital Markets, Inc. arranged Premium Loan Trust I, Ltd. and Premium Loan I Corporation, which listed five tranches of notes. BroadStreet Group LLC and SG Corporate & Investment Banking acted as Placement Agents to Hewetts Island CLO II, Ltd. and Hewetts Island CLO II Corporation, which listed eight tranches. Merrill Lynch arranged Straits Global ABS CDO I, Ltd. and Straits Global ABS CDO I, Inc., which listed ten tranches.
RSM Robson Rhodes LLP (Gr?inne O’ Farrelly)
In keeping with tradition, there was a surge of listings in late December/early January.
F&C Partners LLP listed two fund of funds, the F&C Balanced Alpha Fund of Hedge Funds Limited and the F&C Select Alpha Fund of Hedge Funds Limited. These funds invest substantially all of their assets in a diversified portfolio of listed and unlisted underlying funds which follow non-traditional and alternative asset management strategies and are managed by a wide variety of underlying managers. Vega Select Opportunities II Limited, the thirteenth Vega Asset Management Fund to seek a listing on the Irish Stock Exchange, listed its Investor USD Class shares.
Other funds listed include Akamatsu Fund Limited, Lansdowne European Long Only Fund Limited, Trendoscil Fund and JOHCM European Long Short Financials Fund Limited. These funds are managed by PCE Investors Limited, Lansdowne Partners, AA Management Limited and JOHCM Alternative Investments LLP respectively.
A number of specialist debt securities also listed during the period under review. IBERBOND 2004 Public Limited Company, a vehicle domiciled in Ireland, listed 2 tranches of both Euro and US$ notes totalling over $243,000,000 in value. This deal was arranged by BNP Paribas London. Providian Gateway Owner Trust 2004-D listed 4 tranches of notes and the Initial Purchasers on this deal were Citigroup, Barclay’s Capital, Deutsche Bank Securities, Goldman, JP Morgan and Merrill Lynch & Co.
Among other deals that listed were Inman Square Funding I Ltd, Wind River CLO I Ltd, Octagon Investment Partners VII Ltd, Abacus 2004-3 and Clydesdale Strategic CLO I Ltd. These deals were backed by Morgan Stanley, Deutsche Bank, Bear Stearns & Co, Goldman Sachs & Co, and Credit Suisse First Boston respectively. |
|
|
