Lyxor launches event-driven, credit-oriented UCITS fund with Canyon Capital Advisors
Lyxor Asset Management has launched the Lyxor/Canyon Credit Strategy Fund, a UCITS-compliant vehicle designed to access Canyon Capital Advisors’ event-driven and credit-oriented strategies across a broad spectrum of asset classes.
Canyon is partnering with Lyxor to bring the necessary scale, breadth and depth to implement the first UCITS strategy of this kind on Lyxor’s Alternative UCITS Platform.
The fund is designed to provide:
Diversified exposure – The fund has the ability to invest in certain special situation securities such as, but not limited to, select liquidations, high yield and distressed corporate bonds, equities, convertibles and agency residential mortgage-backed securities as opportunities warrant
Differentiated exposure – In many of the areas listed above, the buyer base is smaller (and spreads are wider) due to a combination of mandate restrictions, barriers to entry, and investment complexity
Founded in 1990 by Joshua Friedman (pictured) and Mitchell Julis, Canyon is an alternative asset manager with over USD21bn in assets under management, 235 employees, and offices across Los Angeles, New York, and London.
Friedman and Julis say: “In this low yield environment, it is difficult for traditional fixed income investors to find attractive return potential with appropriate levels of downside protection. However, returns remain compelling for investors with the specialized expertise and flexible mandate necessary to access less conventional areas of the markets where capital has been less able to flow. We are selectively looking across our broad-based research platform for these types of investments that are attractive in the context of a UCITS strategy.”
The fund will be available on Lyxor’s Alternative UCITS Platform in EUR, USD, GBP, as well as four other currencies upon investor request. Investors in the fund will also benefit from the weekly liquidity and independent risk management provided by Lyxor.
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