Morgan Stanley (NYSE/ MS) today announced the launch of a new fund under its UCITS Irish Umbrella, FundLogic Alternatives Plc. The new fund, a global long/short strategy focused on listed real estate, will be managed by Cohen & Steers Capital Management Inc., which currently manages approximately US$40 billion. Morgan Stanley will act as promoter.
The MS Cohen & Steers Global Real Estate L/S Fund will seek to capture the alpha embedded in the sector, maximizing absolute risk-adjusted returns with modest volatility, while protecting capital in difficult times.
David Armstrong, Managing Director and Global Head of Fund-Linked business at Morgan Stanley commented: “Over recent years, the real estate sector has been at the centre of attention due to its broad impact on the global economy. We are proud to partner with Cohen & Steers, a New York established asset manager founded in 1986, to offer an exposure to the global real estate sector and believe the fund is well positioned to profit from securities linked to the sector”. Armstrong added: “With this latest addition to our FundLogic Alternatives Platform, we are further diversifying our range of available strategies covering all the major sub-segments of the hedge fund space”.
Commenting on the launch, Martin Cohen, Co-Chairman and Co-CEO of Cohen & Steers Capital Management Inc. said: “We see this new fund as an additional way for offshore investors to benefit from our ability to identify sector inefficiencies which we believe will generate attractive returns. Our collaboration with Morgan Stanley enhances our historical ties, their solid operating framework and track record of launching successful alternative strategies in the Ucits framework.”
Todd Voigt, a 14-year experienced real-estate professional and Portfolio Manager of the fund, added: “Our philosophy is based on the conviction that strong absolute returns can potentially be achieved in all market cycles. Our disciplined investment approach, centered on fundamental analysis, seeks to deliver alpha on both the long and short sides of the portfolio while hedging market risks.” Todd Voigt further explained: “95% of the UCITS fund will be run pari passu with the Cohen & Steers offshore program with only minor adjustments to comply with the UCITS regulation, enabling investors to fully benefit from our expertise”.
FundLogic is the platform brand name for Morgan Stanley fund solutions launched in 2006.
It can offer both UCITS and non-UCITS Funds on a global basis. The platform delivers fund solutions to clients by combining the financial expertise, innovation and resources of Morgan Stanley and offers a range of products including simple Index Funds, Structured Funds and the more recently launched Third Party managers Ucits Funds.
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Fund Name: MS Cohen & Steers Global Real Estate L/S Fund
Umbrella Fund: FundLogic Alternatives Plc
Funds domicile: Ireland
Investment Manager: Cohen & Steers Capital Management Inc.
Promoter: Morgan Stanley & Co International Plc
Custodian: Northern Trust Fiduciary Services (Ireland) Limited
Administrator: Northern Trust International Fund Administration Services (Ireland) Ltd
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Applications for shares in any sub-fund of the FundLogic Alternatives plc (the “Fund”) should not be made without first consulting the Fund’s current Prospectus, Simplified Prospectus, Annual Report and Semi-Annual Report (“Offering Documents”), or other documents available in your local jurisdiction which are available free of charge from Morgan Stanley & Co International plc.
THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS AT ANY TIME (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933 OR THE U.S. INTERNAL REVENUE CODE). The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any State in the United States, and may be subject to U.S. tax requirements. The Securities may not be offered, sold, transferred or delivered without compliance with all applicable securities laws and regulations.
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