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Amundi announces Euro HY bond funds merger

Amundi announces Euro HY bond funds merger

French asset manager Amundi has opted to roll its France-domiciled European high yield bond fund into a much larger Ucits version of the strategy, Citywire Global has learned.

The change, which came into effect at the end of 2014, is designed to limit crossover between French-domiciled and Ucits-compliant funds.

It means the €56 million Amundi Oblig Haut Rendement will be absorbed into the €910 million Luxemboug-domiciled Amundi Fds Bond Euro High Yield fund, which has been managed since January 2011 by Marina Cohen.

In a letter to shareholders, Amundi said: ‘It is in the interest of both the unitholders of the merging fund and the shareholders of the receiving sub-fund to rationalize the Amundi French and Luxembourg investment funds range having a similar investment objective and policy, in order to generate greater management efficiency and economies of scale.’

The Amundi Oblig Haut Rendement fund had been overseen by Thierry Lebaupain after he took it over from Samuel Bouchet in 2012.

The Amundi Oblig Haut Rendement P returned 43.7% in euros terms over the three years to the end of December 2014. This is while its benchmark, the BofA Merrill Lynch Euro High Yield TR rose 52.7% over the same timeframe.

Meanwhile, the Amundi Fds Bond Euro High Yield returned 42.3% over the same period, while its benchmark, the BofA Merrill Lynch European Currency HY TR EUR Hdg, rose 53.9%.

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