Deutsche Asset Management, the fund management arm of Deutsche Bank, has launched a new fund allowing smaller investors in pooled funds to buy US equities without being penalised by US withholding tax, the Financial Times has reported.
The Deutsche Global Spectrum Common Contractual Fund is the first fund to allow groups of smaller clients to take advantage of this tax break. Previously, the US authorities have only waived withholding tax on segregated funds run for single large clients, often corporations.
According to the FT, it has been estimated by Deutsche Asset Management that the cost savings for funds and institutions using a Common Contractual Fund (CCF) amount to around 0.6% of the value of a fund compared to the cost for existing pooled funds, which attract withholding tax on dividends.
The fund will be domiciled in Ireland.
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