The client - side has been slow to switch from LIBOR - linked benchmarks on fund products , according to Investment Week , citing the Investment Association ’s ( IA ) February survey that found 90 % of participating managers use LIBOR as a benchmark for at least one fund . Of the IA 's universe of funds use a LIBOR - linked benchmark and just three – all L London products – L SONIA , according to FE data . Managers continue to launch LIBOR - linked funds , as recently as July , Pictet Capital Management launched its TR - Sirius fund with a LIBOR - linked hurdle rate . Church House Investment Management , which was reportedly making good progress selling all LIBOR - linked securities it invests in late last year , still uses LIBOR as the benchmark for its Tenax Absolute Return Strategies fund . The firm is contemplating applying a spread when making the switch and said it is in no rush given the regulatory and regulatory implications .
The buy-side has been slow to switch from LIBOR-linked benchmarks on fund products, according to Investment Week, citing the Investment Association’s (IA) February survey that found 90% of participating managers use LIBOR as a benchmark for at least one fund. Of the IA's universe of funds,106 use a LIBOR-linked benchmark and just three – all Royal London products – use SONIA, according to FE data. Managers continue to launch LIBOR-linked funds, as recently as July, Pictet Asset Management launched its TR-Sirius fund with a LIBOR-linked hurdle rate. Church House Investment Management, which was reportedly making good progress selling all LIBOR-linked securities it invests in late last year, still uses LIBOR as the benchmark for its Tenax Absolute Return Strategies fund. The firm is contemplating applying a spread when making the switch and said it is in no rush given the regulatory and cost implications.