The latest trading update from BlueBay Asset Management plc (BlueBay) for the quarter ended 30 June 2007 shows assets under management amounted to USD 13.1 billion, an increase of USD 2.3
The latest trading update from BlueBay Asset Management plc (BlueBay) for the quarter ended 30 June 2007 shows assets under management amounted to USD 13.1 billion, an increase of USD 2.3 billion since 31 March 2007, when reported assets under management were USD 10.8 billion.
The trading statement shows that assets under management in BlueBay’s long only products grew by USD 1 billion during the quarter ended 30 June 2007, with assets in long/short strategies growing by USD 0.8 billion and a further USD 0.5 billion growth in structured products.
The increase in assets under management during the period can be broken down
into net subscriptions of USD 2.2 billion and fund appreciation of USD 0.1 billion.
In addition to the launch of its Multi-Strategy long/short fund in April – commented upon in the April trading statement – BlueBay launched during the quarter a new structured fund, the BlueBay Emerging Market Opportunity Fund, which had assets under management of USD 71 million as of 30 June 2007.
The company stated that asset growth has continued to be strong, particularly in long-only products, which represented 43% of the total assets under management on 30 June 2007.
For the full financial year, the blended performance on BlueBay’s long/short products was 10.4% net of fees; marginally in excess of the company’s budgeted target of 10%.
Commenting on the trading statement, Hugh Willis, BlueBay’s Chief Executive
Officer says: "These results continue to demonstrate the strong progress being made at BlueBay and we look forward to building further on this in the new financial year."
Founded in 2001, BlueBay is one of the largest independent managers of fixed income credit funds and products in Europe. It listed on the London Stock Exchange in November 2006. With approximately USD 13.1 billion of assets under management as at 30 June 2007, it has one of the largest concentrations of fixed income credit expertise in Europe. BlueBay specialises in three major sub-asset classes of credit – investment grade corporate debt, high yield and emerging markets debt.
Within each sub-asset class, the Company offers three distinct product lines: long/short funds, long-only funds and structured products. It also manages a number of long-only segregated accounts on behalf of large institutional clients. BlueBay’s overall aim is to provide a broad range of credit products to modern institutional investors which offer attractive risk-adjusted performance characteristics. BlueBay distributes its products directly, through wholesalers and via intermediaries. Its sales and marketing team is based in the Company’s offices in London, Tokyo and New York.
