Veritas Re-opens Asian Fund

Rachel Walsh

1 December 2008

London-based asset management firm Veritas has re-opened its Irish-domiciled Asian Fund to capitalise on low valuations in Asian and Pacific markets arising from the financial crisis.

At the start of October, Veritas announced it would close the fund to new investment when it reached $400 million so manager Ezra Sun, an Asia specialist and former Newton fund manager, could run investors' money most efficiently.

But subsequent market developments have changed the situation.

“The case for investing in Asia is extremely compelling and we’ve reopened the fund to take advantage of what is an attractively priced market with valuations that provide a superior entry point for long term investment,” said Mr Sun in a statement.

The UCITS III fund returned 48.72 per cent since its inception, outperforming the sector by 30.99 per cent to end of October.

The fund provides investors with long-term capital growth through a portfolio of equity and equity-related securities in Asian companies excluding Japan and has a current size of $423 million.

“At current market levels the investment case for Asia is stronger than ever as the region, with its higher savings rate, stronger government balance sheets and the right demographic profile, is best equipped to survive and indeed thrive from the global downturn,” said Mr Sun.

The fund is open to both institutional and high net worth retail investors and is FSA regulated with a minimum institutional investment of £30,000 and £7,000 for retail investors.

Veritas has offices in London and Zurich and has £865 million total assets under management as at end of October 2008. The firm manages segregated portfolios and funds, with either long-only or long-short real return mandates.