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Fund digest: all the need-to-know launches and closures

A weekly round-up of all the latest fund launches, closures and changes which impacted markets between January 16-20.

Asset managers appear to be embracing the chance of a fresh start which comes with the New Year, as the third week in January was packed with fund news.

Citywire Switzerland brings you all the launches and closures made over the week from January 16-20. From JP Morgan’s new high yield launch to Baring’s fixed income closure, here’s a closer look at the fund changes and new ventures making waves this week.

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Hot on heels of high yield

JP Morgan Asset Management added a new high yield short duration fund to its existing range of high yield fixed income funds. The JPMorgan Funds – Europe High Yield Short Duration Bond fund will be Europe-focused and will invest in high yield, sub-investment grade corporate bonds.

The new strategy will hold securities with no more than five years to maturity and an effective duration that is roughly half of the broader European high yield market.

The fund will be run by Peter Aspbury, who has over 20 years of credit experience and manages the JPM Europe High Yield Bond fund. Registration for Luxembourg-domiciled fund is in approval stage for being made available for sale across Europe.

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AI active

German asset manager Acatis has announced plans to combine two funds managed by value investor Hendrik Leber. Its global equity fund of funds, the Acatis- 5 Sterne Universal Fonds and the Acatis – Global Value Total Return funds will be combined from March 1 2017.

The move comes as part of a larger push into AI-led investing, as one of the firm's funds has been using artificial intelligence in the pre-selection of stocks since October 2016.

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EM credit crunch

Asset manager Barings is closing its emerging market corporate bond fund after having received notice of multiple large redemptions that would render the fund unworkable.

The Baring Emerging Market Corporate Debt fund is expected to drop from $17.4 million to around $2 million once all announced redemptions are completed.

Having reviewed the fund, which is run by Nigel Sillis, Barings has decided against merging it with another fund. The fund will be liquidated on February 6 due to its small size.

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Reaching out

BNY Mellon Investment Management has unveiled a new Ucits-compliant version of its US-focused equity income fund.

The BNY Mellon US Equity Income fund will emulate the $1 billion fund, which has been overseen by The Boston Company Asset Management since 2000.

The new fund will be run by John C Bailer and his investment team, much like the US-domiciled fund. The Boston Company Asset Management is majoritarily owned by BNY Mellon and has $38 billion in assets under management.

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Capping US small cap

JP Morgan Asset Management last week announced the soft closure of its US Smaller Companies fund after it breached the ceiling $1 billion in assets under management.

The long-running fund’s assets grew from $882 million on December 31 to $1 billion as of January 18. As a result, the asset manager imposed restrictions on the Luxembourg-domiciled equity fund.

The strategy is run by Citywire + rated Don San Jose and Citywire A-rated Daniel Percella. The fund will remain open to existing investors but the block has been put on new shareholders entering the strategy.

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The power of four

Last week Neuberger Berman announced the launch of a global bond fund, to be overseen by a quartet of bond and currency veterans, Citywire Switzerland’s sister publication Citywire Selector revealed.

The Neuberger Berman Global Opportunistic Bond fund will invest across fixed and floating-rate debt, covering a wide range of sectors. The fund is Dublin-domiciled and Ucits-compliant.

It will be managed by Andrew Johnson, head of global investment grade fixed income, senior manager Jon Jonsson, Ugo Lancioni, who is head of currency management and the firm’s head of rates, Thanos Bardas.

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Related Fund Managers

John C. Bailer
John C. Bailer
21/27 in Equity - US Income (Performance over 3 months) Average Total Return: 5.22%
Hendrik Leber
Hendrik Leber
269/348 in Equity - Global (Performance over 3 years) Average Total Return: 19.19%
Peter Aspbury
Peter Aspbury
25/31 in Bonds - Euro High Yield (Performance over 3 months) Average Total Return: 0.74%
Ugo Lancioni
Ugo Lancioni
6/13 in Alternative UCITS - Currency (Performance over 3 years) Average Total Return: -0.93%
Jon Jonsson
Jon Jonsson
30/110 in Alternative UCITS - Bond Strategies (Performance over 1 year) Average Total Return: 3.20%
Don San Jose
Don San Jose
8/40 in Equity - US Small & Medium Companies (Performance over 3 years) Average Total Return: 42.87%
Daniel Percella
Daniel Percella
7/40 in Equity - US Small & Medium Companies (Performance over 3 years) Average Total Return: 42.87%
Thanos Bardas
Thanos Bardas
Nigel Sillis
Nigel Sillis
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