Macquarie shifts distribution of global fund to new investment team

Macquarie Professional Series, the current distributor of the Morgan Stanley Global Franchise Fund, has sent a letter to advisers indicating that it is going switch its distribution capabilities for the fund to the new investment management firm being set up by global portfolio manager Hassan Elmasry.

Elmasry, the former Morgan Stanley managing director, portfolio manager and leader of the Morgan Stanley Global Franchise investment team, announced in March that he and his team will leave the firm to set up their own asset management business, Independent Franchise Partners (IFP), which will be based in London.

Adrian Stewart, the head of retail distribution at Macquarie, told advisers in the letter that a thorough review of IFP and the replacement investment team at Morgan Stanley had been conducted and Macquarie had decided to appoint IFP as the investment manager. The fund will be known as the IFP Global Franchise Fund.

Elmasry's investment team has agreed to remain at Morgan Stanley until June 15 this year. Macquarie said it is working closely with Morgan Stanley to ensure the transition goes smoothly.

Morningstar placed the Morgan Stanley fund on hold earlier this year due to Elmasry's planned departure. The Morgan Stanley Global Franchise Fund had $331 million in funds under management at the end of March this year, according to a review of the fund.