Registered as: The Guardian New Europe Emerging Cities Fund, a British Virgin Islands company, number 561701; from 2012 The Guardian Real Income Fund, then designated Sub-Fund B, a compartment of Guardian Managed Funds SICAV-SIF
 

Structure: a British Virgin Islands professional fund company for its first eight years, then a Luxembourg specialised investment fund compartment
 

Invested in: commercial real estate in the emerging cities of central and eastern Europe, with office, retail and industrial property in Hungary, Poland, Slovakia and Germany

Ran from: 1 November 2004

Moved: migrated to Luxembourg in 2012, effective 1 July, and renamed. Most investors exchanged their British Virgin Islands shares for shares in the Luxembourg fund; the British Virgin Islands company remained in place holding assets, majority owned by the Luxembourg sub-fund
 

Outcome: liquidation resolved on 29 February 2016 with effect from 31 December 2015. All shares were compulsorily redeemed and all shareholders refunded at the closing net asset value, with no redemption charge, and the redemption had the formal approval of the Commission de Surveillance du Secteur Financier. The liquidation closed on 14 July 2016, and the supervisor confirmed the closure on 3 October 2017: no residuals, no receivables, no liabilities, and all cash paid out as redemption

Note: one fund across two jurisdictions and twelve years, not two funds

Registered as: The Guardian Opportunities Leveraged Fixed-Income Fund, a compartment of Guardian Managed Funds SICAV-SIF
 

Structure: Luxembourg specialised investment fund compartment

Invested in: US dollar denominated liquid global multi-strategy leveraged fixed income, priced daily, no lock-in
 

Ran from: established in September 2011, and opened to investors after the supervisor raised no objection in November 2012
 

Outcome: placed into liquidation with effect from 21 March 2014, as recorded by the Commission de Surveillance du Secteur Financier. Its final net asset value is dated 28 May 2014
 

Registered as: The Guardian Permanent Income Fund, a compartment of Guardian Managed Funds SICAV-SIF

 

Structure: Luxembourg specialised investment fund compartment

 

Invested in: sterling denominated liquid specialist fixed income, in securities issued by United Kingdom building societies, principally permanent interest bearing shares
 

Ran from: September 2009

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Outcome: liquidation resolved on 11 August 2020 with effect from 30 November 2020, on the ground that the fund's risk profile had changed such that it could no longer be operated economically. All shares were compulsorily redeemed and all shareholders refunded at the closing net asset value, with no redemption charge. Residual obligations were settled and the account closed in May 2021, and the file with the Commission de Surveillance du Secteur Financier was closed in July 2021

 

Note: widely known as the PIBS fund, after the instruments it held rather than its registered name

Registered as: Guardian Residual Assets Limited, British Virgin Islands, the same company that was originally established as The Guardian New Europe Emerging Cities Fund

 

Structure: private holding company, outside any fund structure

 

Held: the property assets that could not be sold before the Real Income Fund closed

 

Ran from: 2016, on the closing of the Real Income Fund. Investors redeemed from that fund were offered the option, but not required, to take shares in it

 

Outcome: the Budapest offices were sold in March 2018 and the Slovak industrial portfolio in February 2019. The company made a final compulsory redemption of its shares on 31 May 2021, and its closing financial statements were prepared and approved by its directors

 

Note: the British Virgin Islands company outlived the fund by five years. It was not wound up in 2016 because it still held assets the fund had; once those were realised, it closed

Guardian Managed Funds SICAV-SIF S.C.A., incorporated in Luxembourg on 31 July 2009, R.C.S. B 147.692, entered on the official list of specialised investment funds on 22 January 2010.

 

General partner and alternative investment fund manager: Guardian Managers S.à r.l., R.C.S. B 147.745.

The manager today
Guardian Managers S.à r.l. is a registered alternative investment fund manager in Luxembourg.