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Alps Fund Services launches private equity portfolio for variable insurance products


Denver, Colorado-based fund service provider Alps Fund Services has launched the AVS Listed Private Equity Portfolio for use by insurance companies in their variable insurance products, su

Denver, Colorado-based fund service provider Alps Fund Services has launched the AVS Listed Private Equity Portfolio for use by insurance companies in their variable insurance products, sub-advised by Red Rocks Capital, an investment adviser also from Denver that specialises in private equity products.

‘In December 2007, we launched the Listed Private Equity Fund, an open-end mutual fund comprised of 30 to 50 recognised international and domestic publicly-traded private equity firms,’ says Ned Burke, president of Alps Fund Services.

‘Since the mutual fund’s launch, we’ve had numerous requests to develop the product for use by the insurance industry in variable insurance products. We’re very happy to respond to this demand by making this product available and look forward to its successful adoption.’

Using a five-step process, and a proprietary database of more than 200 eligible companies and their underlying holdings, the portfolio managers create an investible universe of publicly-traded private equity companies.

Red Rocks Capital has developed products that invest in the publicly-traded stocks of private equity firms, including the Listed Private Equity Index and the International Private Equity Index.

Alps’ launch of the Listed Private Equity Portfolio is fuelled in part by the success of its introduction last year of the Ibbotson ETF Allocation Series Portfolios comprised of exchange-traded funds for use in variable insurance products, with Ibbotson Associates, a registered investment advisor and wholly-owned subsidiary of Morningstar, as sub-adviser.

The five risk-based portfolios comprise the Ibbotson Conservative ETF Asset Allocation Portfolio, Income and Growth ETF Asset Allocation Portfolio, Balanced ETF Asset Allocation Portfolio, Growth ETF Asset Allocation Portfolio and Aggressive Growth ETF Asset Allocation Portfolio.

Comprised of 11 asset classes, the portfolios comprise core holdings of large- and small-cap US growth and value stocks, international stocks, long and short fixed income and cash as well as allocations to emerging market stocks, treasury inflation-protected securities, real estate investment trusts and commodities.

Red Rocks Capital develops and manages proprietary investment products to complement core institutional portfolios including both active and passive US and international listed private equity.

Alps Fund Services offers administration, compliance, creative services, fund accounting, legal, marketing, tax administration, transfer agency and shareholder services for open-ended, closed-ended, hedge and exchange-traded funds, with some USD18bn in assets under administration.

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