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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 that hit markets between 6 February and 10 February.

With February well under way, asset managers are still making the most of the beginning of the year to announce launches and closures.

Citywire Switzerland brings you all the launches and closures made over the week fro 6 February-11 February. Last week, cantonal banks announced their latest fund management news with the Banque Cantonale de Valais celebrating its 100-year anniversary. Alongside these moves, fund providers including UBP, MFS Investment Managers and BlueBay Asset Management unveiled new strategies.

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Fund of hedge funds merger

This month, Banque Cantonale Vaudoise rolled its BCV Defensive fund into the BCV Directional fund and renamed the fund the BCV Multi-Strategy fund.

The merger was made in order to reduce administration costs and to simplify the range of products on offer, the cantonal bank told Citywire Switzerland.

The BCV Multi-Strategy fund, which is a fund of hedge funds, has around CHF256 million in assets under management and has at least 51% of its assets invested in collective investment funds that follow directional or semi-directional investment strategies.

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Going green on bonds

Last week, BlueBay Asset Management unveiled its new fixed incomes ESG strategy, the BlueBay Global High Yield ESG Bond fund.

The fund will be run by Justin Jewell and Citywire AA rated Thomas Kreuzer, co-heads of global leveraged finance.

The new strategy will run alongside the BlueBay Global High Yield Bond fund and will take into account the ESG investment policy adopted by the Norwegian Government Pension Fund Global fund, which is managed by Norges Bank.

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Centenary celebrations

The cantonal bank of Valais has launched a multi-asset fund as the latest expansion of its asset management division.

The BCVs Flex Pension 35 fund is open to private as well as institutional investors across Switzerland.

The strategy already had CHF50 million behind it at its launch in January 2017 as the bank celebrated its 100-year anniversary.

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Shareholder shake

BNY Mellon Investment Management is closing the BNY Mellon Pan European Equity fund due to a fall in assets after a majority shareholder redeemed their entire holding.

The fund had a total of $2.04 million in assets under management as of December 31 2016 and was run by Paul Markham since 2015. It will close on March 9, according to a letter to shareholders, and Markham will continue to run a number of BNY Mellon and Newton funds.

Commenting on the closure BNY Mellon said: ‘The fund’s largest investor has re-allocated its assets into another sub-fund of BNY Mellon Global Funds, plc. Following the reallocation of assets, the size of the fund now prevents it from achieving the economies of scale in ongoing operating costs.’

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Small but mighty

Union Bancaire Privée has launched a pan-European small- and mid-cap equities fund, the UBAM Europe Small Cap fund.

The new strategy was launched in December and is managed by Charlie Anniss, former fund manager at M&G Investments.

The fund invests in the bottom third of the market capitalisation of all publicly listed equities in the European region.

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Cashing in on global gains

US financial giant MFS Investment Management announced the launch of a new global equity strategy, the MFS Meridian Funds – Prudent Capital fund, last week.

The fund will be manages by Citywire + rated Barnaby Wiener and David Cole.

Commenting on the launch, president of MFS International Ltd, Lina Medeiros, said: ‘It's been almost eight years since we've had a significant downturn in the markets. This market cycle, like all cycles before it, will eventually end and investors will rediscover the importance of capital preservation.’

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Related Fund Managers

Barnaby Wiener
Barnaby Wiener
2/31 in Mixed Assets - Flexible USD (Performance over 3 years) Average Total Return: 20.52%
David Cole
David Cole
25/28 in Mixed Assets - Aggressive USD (Performance over 1 year) Average Total Return: 8.91%
Thomas Kreuzer
Thomas Kreuzer
8/60 in Bonds - Global High Yield (Performance over 3 months) Average Total Return: 0.53%
Justin Jewell
Justin Jewell
9/11 in Bonds - Europe High Yield (Performance over 3 years) Average Total Return: 9.95%
Paul Markham
Paul Markham
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