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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 13 February and 17 February.

Last week, several firms announced closures or launches of US-focused strategies, while one Swiss private bank struck a cooperation with BlackRock.

Citywire Switzerland brings you all the launches and closures made over the week from 13 February to 17 February.

Alongside these moves, fund providers such as Man GLG and EFGAM have unveiled new strategies.

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US equity aversion

Asset manager Calamos Investments has closed two if its Ucits strategies after failing to attract enough assets on 2 February 2017.

The Illinois-based investment firm has shut the Ireland-domiciled Calamos US Growth fund and the Calamos Global High Yield fund, both of which were managed by founder John Calamos.

Despite mirroring the US-domiciled $1.8 billion Calamos Growth fund, the US growth strategy was not able to garner the same level of assets. Combined, the two funds had approximately $21 million in assets under management, most of which came from corporate assets.

A spokesman for the firm confirmed the assets would be redeployed for building new investment vehicles.

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Going global

Man GLG launched a global long-short strategy – the Man GLG Global Fundamental Equity fund – on 14 February.

The strategy will be managed by Niels Pecriaux, who joined the firm in 2010 as part of its European Long-Short equities team.

The fund’s stock selection strategy will be based upon an investment process of qualitative analysis, supported by quantitative analysis provided by Pecriaux and his team.

‘Our aim is to utilise our disciplined investment process to cultivate a unique view of a company’s future potential, employing cutting edge datasets and supported by a deep understanding of our universe of companies,’ Pecriaux said.

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Riding volatility

Investment boutique ABR Dynamic Funds has made its Alternative Ucits debut with the launch of a volatility-focused equity fund as part of a distribution arrangement with Swiss firm OpenFunds.

The newly launched fund is a systematic approach that aims to target US equities in an absolute return, volatility-focused manner.

It will seek similar returns to the New York-based asset manager’s first index fund, which is called ABR Dynamic Blend Equity and Volatility Index.

The existing index builds on a custom index suite called ‘Powered by Wilshire’, which was developed by Wilshire Associates in 2015. It independently calculates and publishes the index values for ABR.

Under the arrangement with Zurich-based OpenFunds Investment Services, the Swiss group will be responsible for marketing and distributing the new approach in Switzerland, Europe and the Middle East.

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BlackRock cooperation

Geneva-based Banque Cramer has launched a fixed income fund of funds in cooperation with BlackRock.

The BCC Fixed Income Opportunities fund is a Ucits-compliant vehicle and will be available for external subscription from mid-March 2017.

The strategy is the first of its kind in Switzerland and is going to be available for public distribution on the Swiss market once it receives Finma approval.

The fund is an unconstrained strategy and for now invests in BlackRock funds only. It is available for both private and institutional investors.

‘Banque Cramer is the investment manager of the fund and will make use of model portfolio data provided by BlackRock,’ said CIO Placido Albanese.

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Adding UK exposure

EFG Asset Management has further strengthened its Ucits-compliant fund range with the addition of two new strategies covering flexible multi-asset investing and UK equities.

The first of the two funds is the New Capital Dynamic UK Equity fund, which is overseen by Bibiana Carretero. It is a concentrated fund targeting high-quality, mid- and large-cap names.

The second fund is the New Capital Global Alpha fund, which is a flexible multi-asset fund. Hilary Wakefield is lead manager on the fund. This follows on from the launch of the multi-asset New Capital Strategic Portfolio Ucits fund in 2015.

In fund literature, EFGAM defines ‘high quality’ as those able to provide resilience through times of economic uncertainty, while also operating with strong underlying fundamentals. It is benchmarked against the FTSE-All Share index.

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New direction

EFG Asset Management has launched a small-cap strategy in order to expand its US equity range, the Swiss investment firm announced on 13 February.

The New Capital US Small Cap Growth fund is a long-only equity strategy that invests in 60-80 companies with an average market cap of $5 billion or less.

The strategy will be managed by Tim Butler, Mike Clulow and Joel Rubenstein, who are based in Portland, Oregon. The team also manages the New Capital US Growth fund, which was bought by EFGAM in-house in March 2016.

The newly launched New Capital US Small Cap Growth fund follows in the wake of a US policy shift towards deregulation and a focus on fiscal policy, which is expected to improve the environment for domestic companies sectors such as industrials, technology, financials and energy.

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Related Fund Managers

Joel Rubenstein
Joel Rubenstein
53/211 in Equity - US (Performance over 3 years) Average Total Return: 30.39%
Bibiana Carretero
Bibiana Carretero
68/250 in Equity - Europe (Performance over 3 years) Average Total Return: 26.23%
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