IPM launches new Irish UCITS ICAV and completes $1.5bn fund transfer from Morgan Stanley FundLogic Alternatives umbrella
February 5th 2019: IPM, the Stockholm-based systematic asset manager has completed the transfer of the sub-fund MS IPM Systematic Macro UCITS Fund from the Morgan Stanley FundLogic Alternative UCITS platform to the new IPM UCITS Umbrella ICAV (IPM UCITS ICAV) following Morgan Stanley’s decision to discontinue the FundLogic Alternatives umbrella last year. Morgan Stanley has overseen and facilitated the transition of the fund to the IPM UCITS ICAV and will remain one of the key trading counterparties of the new fund.
The IPM UCITS ICAV has retained the services of Northern Trust who remain as Custodian, Transfer Agent and Administrator, maintaining continuity of service and facilitating the operational transfer of investors’ shares from the FundLogic Alternatives platform. Davy Investment Fund Services Limited (DIFS) has been appointed as the external Management Company to manage the regulatory obligations on behalf of IPM UCITS ICAV. IPM, Stockholm, remains as Investment Manager to the sub-fund, a fund which has grown to $1.5 bn since its launch in August 2015 and runs pari passu to IPM’s Cayman flagship vehicle with a total of $5.7bn in the IPM Systematic Macro strategy as of the end of December 2018.

Stefan Detlof, COO at IPM commented: “We have worked really hard to make the transition process as smooth as possible for investors and are pleased to see the new fund finally coming into life. DIFS, which we carefully selected after a thorough process last year, have brought in a wealth of experience to facilitate the transition but we are also indebted to Morgan Stanley for their dedication to the transfer process and their ongoing support”.

Serge Houles, Head of Client Portfolio Management, who has been instrumental in the UCITS project from the start, also added: “We are committed to match the high standards of client service set by Morgan Stanley in co-operation with DIFS. The attraction of uncorrelated returns has brought us clients from all across the globe and the UCITS format has enjoyed the same success, now being passported in 16 countries across Europe. The new fund will remain at the heart of our product offering.”

Will Smith, Head of Prime Brokerage Distribution from Morgan Stanley said; “IPM Systematic Macro has been one of the most successful sub-funds on the Fundlogic Alternatives platform and we are delighted to complete its transfer into the groups new UCITS umbrella. Morgan Stanley looks forward to continuing our close partnership with IPM.”

Tom Berrigan, Managing Director of DIFS added: “We are delighted to be working with IPM as Management Company for their UCITS, we look forward to supporting them to serve their prestigious clients and contribute to their future growth.”

DIFS is a part of the Davy Group, providing services to third parties and also supporting in-house funds. 'The board of DIFS has been specifically selected to ensure that the designated functions for which its directors are responsible for are being undertaken by individuals with the requisite expertise and experience' says Davys .

DIFS is authorised as an Alternative Investment Fund Manager and a UCITS ManCo by the Central Bank of Ireland. (Alternative Investment Funds (‘AIFs’) are required to comply with their obligations under the Alternative Investment Fund Managers Directive (‘AIFMD’). UCITS (‘Undertakings for Collective Investment in Transferable Securities’) are required to comply with the UCITS Regulations. Both AIFs and UCITS can appoint DIFS to act as an external AIFM/ UCITS ManCo in order to meet their obligations under AIFMD and the UCITS Regulations).