The Asset Management Exchange (Ireland) Limited has launched a tax transparent common contractual fund for Storebrand Asset Management, the Nordic manager which has NOK1,058bn (USD120bn) AuM in both private and public markets.
AMX provides the fund structure, the management company and the operational set-up, and facilitates the tax reclaim process. This enables UK pension funds to reclaim withholding tax on dividends from equities across several jurisdictions, significantly reducing tax drag and boosting the performance of the fund. Northern Trust is providing fund administration, transfer agency services, global custody and depositary services to the fund.