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February 24, 2013 4:16 am
● In a sign of the times, Hamburg-based Aquila Capital is launching a Risk Parity Bond strategy, designed to provide fixed income investors with a stable return even if the bond market goes into reverse. It will invest in government bonds, corporate bonds, carry positions in emerging markets and inflation-linked bonds in the belief that these sectors are uncorrelated, and some will rise in value as others fall.
● Natixis Global Asset Management has gained authorisation for NGAM Investment Funds UK, which it believes to be the first UK collective investment scheme with a non-UK manager operating under the Ucits IV passport regime.
● Luxembourg Fund Partners is the latest group to target the UK’s university property market. Its new Student Accommodation Opportunity Fund will invest primarily in private housing near to the UK’s elite Russell Group of universities, with gearing of up to 60 per cent loan-to-value. The open-ended Luxembourg Sicav has a minimum investment of £10,000 and has a target internal rate of return of 10-11 per cent.
● Royal London Asset Management is launching two funds designed to slake investors’ thirst for income by investing in subinvestment-grade corporate debt. The Global High Yield and Short Duration Global High Yield vehicles, both Dublin-domiciled Ucits, will target yields of 6-8 per cent and 4-6 per cent respectively.
● ECM Asset Management is launching an Absolute Return Credit Fund “to gain exposure to the deleveraging credit cycle”. The fund will use both directional and relative value strategies and focus primarily on European corporate credit. The Luxembourg-domiciled Ucits will target an annual return of 4 percentage points over Euribor, net of fees.
● Pembroke is seeking to raise £20m for a London-listed venture capital trust.
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