US corporate credit manager, Concerto Asset Management, has won a EUR60 million credit alpha absolute return mandate from London-based multi-manager boutique, Goodhart Partners.
US corporate credit manager, Concerto Asset Management, has won a EUR60 million credit alpha absolute return mandate from London-based multi-manager boutique, Goodhart Partners. The mandate is the latest addition to Goodhart’s UCITS-III Target Return Fund, one of the first funds of its kind when it was launched back in April 2007 using a L/S fixed income strategy. This new mandate pushes Charlotte-based Concerto’s AUM up to USD140 million. With the promise of daily liquidity and asset value transparency, UCITS are beginning to appeal to US institutional investors such as pension funds and endowments. “With government bond yields at such low levels, there is a real need for products, which can replace that lost return without simply chasing after more yield further down the capital structure,” Julie Bouhuys (pictured), Founder and CEO of Concerto, was quoted in the press as saying. Explaining the thought process behind selecting Concerto, Ben Fox, a partner at Goodhart, added: “Concerto offered a distinctive blend of both buy side and sell side knowledge and expertise, combined with the institutional quality risk management that we need for our pension fund client base.”
