Allianz Global Investors has unveiled plans to make one of its long-running, German-domiciled bond funds open to international investors under a structural change.
The Allianz Internationaler Rentenfonds, which now has €577 million in assets, was launched for German investors in 1969.
Under changes set to come into effect on August 21, the fund will invest directly into a master feeder fund called Allianz Advanced Fixed Income Global Aggregate, which is Luxembourg-domiciled.
Ralf Jülichmanns, who has overseen the fund since December 2013, will continue to be a fund manager and the strategy will remain unchanged. In addition, it will not directly impact those already invested in the German-domiciled fund.
Commenting on the change, a spokesperson for Allianz Global Investors, said: ‘The Master-Feeder structure, which we have already implemented in other funds, allows in an efficient way to make an already existing national investment fund more accessible for the wide circle of our European customers.’
Under UCITS IV regulations, funds are able to be transformed into so-called ‘feeder funds’, which invest directly into a ‘master fund’, which opens already existing strategies to a wider range of international customers.
The Allianz Internationaler Rentenfonds fell 6.92% in US dollar terms (sector denomination) over the three years to the end of July 2015. Its Citywire assigned-benchmark, the Citi WGBI TR USD, fell 7.6% over the same period.