Sun, 23/03/2014 - 14:24
Standard Life Investments combines micro and macro capabilities to launch new fund… BNY Mellon closes two sub-funds…
BNY Mellon has taken the decision to close two of its funds on the back of falling assets. As reported this week by Citywire Global, the two funds in question are: BNY Mellon Evolution Global Alpha and BNY Mellon Latin America Infrastructure.
The former launched in 2006 as a multi-asset absolute return strategy and closed with less than EUR7.1mn of assets. The latter launched more recently, in 2010, to give investors exposure to companies involved in Latin American infrastructure projects. Over the last three years the fund has lost 10.9 per cent on an annualized basis and closed with around EUR1.2mn.
A BNY Mellon spokesperson was quoted as saying as that part of the review process of the sub-funds in BNY Mellon Global Funds “we have concluded that the small size of the sub-fund may be preventing it from achieving the economies of scale in ongoing operating costs that would best serve the interests of investors.”
Standard Life Investments this week announced the launch of Global Focused Strategies (GFS), an absolute return portfolio that aims to generate positive returns irrespective of market conditions. Available for institutional investors, GFS targets a return of cash +7.5 per cent per annum over rolling three-year periods with a volatility target of between 6 to 12 per cent.
GFS, a Luxembourg SICAV, is managed by Standard Life Investments’ award winning multi-asset investing team, using the established investment platform and risk infrastructure that underpins the Global Absolute Return Strategies (GARS) and Absolute Return Global Bond Strategies portfolios.
Commenting on the launch, Guy Stern, Head of Multi-Asset and Macro Investing, Standard Life Investments, said: “Standard Life Investments continues to develop innovative investment strategies to meet global client needs. GFS is an advanced fusion of our macro and micro capabilities, underpinned by our team-based approach and multi-asset risk and portfolio management expertise.
“Operating with broad investment freedom within rigorous risk controls, GFS invests actively within and between all major asset classes and across the corporate capital structure. It can also make extensive use of derivatives to implement positions and mitigate risk. This allows GFS to access an exceptionally diverse array of strategies, so it can generate positive returns irrespective of the economic environment.”
After changing its name to Candriam last month, Dexia Asset Management is now in the process of renaming all of its funds, beginning in earnest with the alternative investment fund range.
Fabrice Cuchet, member of the executive committee and head of alternative investment strategies at Candriam, commented: "Alternative investment strategies remain a priority for Candriam in 2014. We have already seen renewed investor interest especially for our long-short credit and index arbitrage strategies, which offer an attractive risk/reward profile; and we are working on new strategies linked to new funds in the pipeline for the coming quarters."
Mutual funds domiciled in France will now be called Candriam, as will Belgian-law funds based on traditional strategies (compared to alternative investment strategies). Open-end mutual funds under French law will be renamed at the end of April 2014. The names of Luxembourg-law funds will be changed in phase three over the course of the year.
The Dexia Index Arbitrage becomes Candriam Index Arbitrage. With over EUR1.4bn in assets under management, this UCITS IV fund, which recently celebrated its 10th anniversary, is based on an investment process centred on discretionary statistical arbitrage strategies. Dexia Long Short Credit becomes Candriam Long Short Credit. Launched in October 2009, Candriam Long Short Credit is an absolute return UCITS IV fund. Its investment strategy takes advantage of investment opportunities available on the credit markets. The fund uses arbitrage strategies and directional strategies (long and short) on corporate bonds and credit derivatives.
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