To establish the Iveagh Wealth Fund in Spain, the firm has partnered with Paz Ambrozy at Global Institutional Investors, based in Madrid, who has strong links to the financial services sector and key fund distribution channels.
It will be authorised by the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores) which means it can be sold directly to retail and institutional clients via fund platforms. Investors will also benefit from local tax allowances and investment protection.
The Iveagh Wealth Fund, which is co-managed by Cambiz Alikhani, John Ricciardi and Christopher Wyllie, replicates the asset allocation service provided for its family office clients, which include key members of the Guinness family. It targets a nominal return of around 10% per annum (7% actual).
To achieve this return, the fund’s universe is drawn from a diverse range of assets including alternatives (private equity, venture capital, hedge funds and structured products), real assets (precious metals, natural resources, global real estate), major market equities, emerging market equities, bonds and cash. The fund invests almost entirely in daily dealing quoted securities.
