Macquarie brings down curtain on Morgan Stanley fund
Nearly two years after it opened to investors, the Morgan Stanley Global Franchise Strategy fund is closing its doors to new investors.
Macquarie Financial Services said it would be closing the fund on May 31, with it having reached capacity at $570 million.
The head of distribution for the Macquarie Professional Series, Peter Shepherd, said Australia was the only country in the world where new investors could still access the fund.
He said it was appropriate the last investment into the strategy would be in Australia in circumstances where Macquarie Professional Series had made it one of its inaugural funds.
Shepherd said the performance of the Morgan Stanley Global Franchise Fund since inception to March 31, this year, had been 16.5 per cent a year.
AUTHOR
Mike Taylor
Recommended for you
The Financial Advice Association Australia has implored advisers to reevaluate their exposure to AML/CTF obligations ahead of new reforms that will expand their compliance requirements significantly.
With UBS Asset Management chief executive, Alison Telfer, set to join Schroders, the firm has appointed a company veteran as her interim successor.
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
