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Products May 17, 2004
DeAM Launches New U.S Equity Product For the UK
May 17, 2004 (PLANSPONSOR.com) - Deutsche Asset
Management (DeAM) has launched a new United States equity
product for use in United Kingdom (UK) pension
funds.
Reported by Eric Hazard
Deutsche GlobalSpectrum Common Contractual Fund (CCF) is a pooled fund allowing investors to buy U.S. equities without incurring U.S. withholding taxes. The fund pools investments from a variety of smaller clients to save costs and to avail to tax breaks that previously were only available via waivers granted to segregated funds, according to a Reuters report.
The CCF was launched to reduce the cost for small and medium-sized UK pension funds that wish to have a portfolio of U.S. equity holdings. Previously, these funds were subject to U.S. withholding taxes.
By utilizing the CCF, DeAM estimates the cost saving for amounts to approximately 60 basis points.
The CCF will be domiciled in theIrish Republic.