Morgan Stanley grows Irish umbrella with Brazilian Ucits

Morgan Stanley has launched a long/short equity market neutral fund under its Irish Ucits umbrella, FundLogic Alternatives, to be managed by Brazilian asset manager Claritas Administração de Recursos.

The fund, MS Claritas Long Short Market Neutral Ucits, will offer access to a Brazilian long/short equity market neutral strategy and offers weekly liquidity.

It will target uncorrelated returns within Brazilian equity indices by focusing on all sectors of the Brazilian equity market and maintaining a maximum net long exposure of +20% and net short exposure of -20%.

According to David Armstrong, managing director and global head of fund-linked business at Morgan Stanley, the fund is the first absolute return Ucits exclusively focused on the Brazilian equity market.

He said the fund had been launched to address “investors’ appetite for emerging exposures within a market neutral portfolio that aims at performing irrespective of market conditions.”

Claritas’ investment team will follow both a top-down macro analysis of broad economic factors and trends and a bottom-up micro analysis of individual stocks. It will be led by Helder Soares, both portfolio manager and chief investment officer of the company’s equity funds.

Soares explained that by launching the Ucits in partnership with Morgan Stanley, Claritas would be able to leverage off Morgan Stanley’s experience with Ucits products.

Sao Paulo-based Claritas was founded in 1999 and today has approximately $1.87bn of assets under management and an office in London. It is a member of the Brazilian Financial and Capital Market Institutions Association (Anbima) and the Alternative Investment Management Association (Aima).

Claritas’ funds include multi-asset macro, low volatility and arbitrage strategies. Its local and offshore funds include equity long/short, long only and Brazil- or Latin America-focused macro funds of funds. It also has a wealth management arm.

FundLogic is the platform brand name for Morgan Stanley fund solutions, launched in 2006. It offers both Ucits and non-Ucits funds.

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