The investment arm of Aberdeen Asset Management (Ireland) is to launch a range of 24 new fund options from which it is promoting two funds in particular: the Global Technology Fund and the Global European High Yield Bond. Like a number of its offshore funds, they are administered from Luxembourg and are available to residents of Austria, Germany, Luxembourg, The Netherlands, Spain or Ireland.
Currently Aberdeen has tech funds worth over Euro 2.5bn backed up by 18 years experience in the sector. The company's most impressive product, the technology unit trust, has yielded an average 27.9% each year for the last five years. 'Over a medium to long-term, technology funds offer excellent returns,' says Ivan Murphy, managing director of Aberdeen Asset Management Ireland.
Aberdeen's Global European High Yield Bond fund specialises in investing in high yielding euro-denominated corporate debt, holding euro bonds from companies such as HBSC, Standard Chartered, and Irish-based firms including the Clondalkin Group and Independent News & Media.
The entry cost for each fund is 5% and a management fee of 1.25% - 1.75% is charged on an annual basis with no lock-ins or exit penalties.
Aberdeen has been able to base these new funds in Dublin after tax changes contained in last December's budget, which harmonises the taxation levels of Irish-based and foreign-based investment vehicles and instals a new 'exit' tax of 23% instead of the previous annual basis of taxation that made domestic funds unattractive for most Irish residents.
Consequently, explained Mr Murphy, the tax change will act as a major incentive in attracting investors and fund managers to Ireland. He said: 'When we came here (in 1991) we wanted to start selling straight away, but the capital gains tax rule was a major obstacle.'
Further details can be found at : http://www.aberdeen-asset.ie
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