Guinness Flight, the fund management group, has received permission from the Securities Exchange Commission to launch a unique investment company.
The fund can be automatically unitised - or open ended - if it slips to a 5 per cent discount to its net asset value for 15 consecutive trading days.
If the idea is successful on the New York Stock Exchange, where it is to be launched, it could be replicated in Britain and Hong Kong.
Guinness Flight is launching the fund with John Dessaver, an investment expert better known for his newsletter than a boutique fund management operation in his name.
Managing director of Guinness Flight Asia, Royce Brennan, said it took six months of negotiations with the Securities Exchange Commission, the US's regulatory watchdog, to have the unique structure approved.
The Dessaver Global Equity Fund is expected to raise between US$100 and $200 million.
Asset allocation will be made by a joint Dessaver/Guinness Flight panel with Guinness undertaking the investment management.
