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Vontobel fixed income boutique launches ABS fund

Vontobel fixed income boutique launches ABS fund

TwentyFour Asset Management, the independently-operating London-based subsidiary of Vontobel, has launched an asset-backed securities fund, Citywire Switzerland has learned.

The Monument European Asset Backed Securities fund will allocate to residential mortgages, commercial mortgages, automobile leases and loans, SME loans and other secured bonds rated at least BBB- or equivalent at the time of investment.

The fund managers on the strategy are Ben Hayward, Rob Ford, Aza Teeuwen, Douglas Charleston and John Lawler.

Lawler was the most recent addition to TwentyFour AM’s asset-backed securities team, joining the firm from Nomura in August 2016.

At the moment, the fund's biggest country exposure is the UK, at 58.04%.

According to the latest investment commentary, the team mainly invested in owner-occupied residential mortgage-backed securities from the UK, the Netherlands, Italy, Portugal and Spain, and buy-to-let residential mortgage-backed securities from the Netherlands and the UK.

The portfolio is further diversified with colleteralised loan obligations (19.9%) and German and UK commercial mortgaged-backed securities (2.05%).

The team is currently maintaining its positioning and expects a further tightening bias in spreads, baring any further geopolitical volatility.

Earlier this week, TwentyFour Asset Management announced that it added 14% of net new money in 2017, allowing the firm to reach more than £10 billion assets under management.

According to the company, this increase is due to interest from Swiss, German and Italian investors and is backed by economic growth and accomodative monetary policies.

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