Investec Asset Management in the UK has launched a dollar version of its Multi Asset Protector Fund.
This portfolio insurance strategy allocates cash to a portfolio comprising the MSCI AC World (50%), ML US Treasuries 1-10 Year Index (35%) and 3M USD Treasury Bills (15%).
On redemption, the fund offers investors the greater between the fund value at the time or 80% of the highest level ever reached by the portfolio at any time during the investment period. As a further level of security the fund invests in a derivative contract with a single counterparty, currently Deutsche Bank, for potential falls below 80% of the highest US dollar share price ever achieved.
The original fund, Multi Asset Protector Fund, is ranked first in its peer group since inception, over the year to date. It has delivered annualised returns of 16% since launch and 10.3% over one year to end of October 2010, said Investec.
"The fund is being launched as a result of demand particularly from international life companies who have seen the success of the UK Map product and wanted something to offer to their international client base," said David Aird, managing director of UK distribution at Investec Asset Management.
The initial charge is 5.26% and the annual management charge is 1.6%.
This product appears in Recent Additions (UK and Offshore & Other).