Prestige registers direct lending fund distribution in Switzerland
Prestige Fund Management (Prestige) has announced the registration of its direct lending funds for distribution in Switzerland.
In line with recent amendments to Swiss Collective Investment Schemes Act (CISA) and Collective Investment Schemes Ordinance (CISO) legislation, foreign funds intended for distribution in Switzerland will have to appoint a representative, distributor and paying agent.
Prestige will distribute its funds with OpenFunds Investment Services AG, an independent Swiss legal representative and distribution agent.
Prestige has registered three funds with Open Funds Investment Services, namely Prestige Alternative Finance, Prestige Select Finance and Commercial Finance Opportunities. All three are lending funds; Prestige Select Finance has an international mandate, while the other two are UK-focused funds. The funds are domiciled in the Cayman Islands and Luxembourg.
Craig Reeves, founder of Prestige Fund Management Limited, said: “Switzerland remains an important market for Prestige and for many alternative fund managers. Clearly our direct lending strategies are increasingly attractive to a wider audience seeking yield as investors adapt their definitions of risk in a world of ‘low-flation’. OpenFunds is staffed by a team of experienced professionals with a strong understanding of the practical requirements of local Swiss regulations and we felt this was essential for us in our ongoing distribution activities in Switzerland.”
Prestige has been operational in Switzerland for over eight years and now has over 50 institutional clients using its range of specialist direct lending funds. The funds make use of both asset-based and invoice-based lending strategies, using specialist lending teams with the aim of achieving low volatility and low correlation returns.