T. Bailey becomes first MM to buy GARS

T. Bailey has become the first multi-manager to take a position in the £5.6bn Standard Life Investments' Global Absolute Return Strategies (GARS) fund.

Standard Life changed the GARS prospectus in September, introducing a 10% limit on investments in other funds, enabling multi-managers to participate. Prior to this change, under FSA rules GARS was considered a fund of funds, which disbarred multi-managers from investing. Any holdings in unit trusts have been converted into segregated mandates. Fund manager Tam McVie says as the fund has grown, it is more effective to run segregated mandates, rather than invest in unit trusts. "When we were a size of £300m, it was fine to have a 10% exposure to a long-only desk, but now we have ass...