Citywire Selector - For Professional Investors

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Carmignac to keep Ney’s fund open despite major inflows

Carmignac to keep Ney’s fund open despite major inflows

Carmignac is keeping Citywire AA-rated manager Keith Ney’s short-term bond fund open to new investors even after seeing it double in size to €14 billion over the past 12 months.

In a statement to Citywire Selector, the French asset manager said it had witnessed ‘significant’ inflows into the Carmignac Sécurité fund, which is a short-term European bond fund.

According to Citywire data, it has grown from €5.95 billion in assets at the end of 2015 to €12 billion at the end of 2016. It has since risen by a further €2 billion over the first two months of 2017.

Ney, who was previously showcased by Citywire Selector magazine as a Star Manager, was showcased by Citywire’s Long on Bonds analysis series for being the third biggest fund in terms of asset-gathering over the course of 2016.

Commenting in the rise in assets, Didier Saint-Georges, who sits on Carmignac’s investment committee, said: ‘Carmignac Sécurité has no cap on new money at this stage.

‘The strategy of the fund is very scalable within a large and liquid investment universe, namely the euro denominated debt universe with an access, though limited, to non-euro fixed income markets.’

Carmignac added that the increased inflows had not impacted on the performance of the fund, which has returned 4.2% in euro terms over the three years to the end of February 2017. Its Citywire-assigned benchmark, the FTSE MTS 1-3 Years at 17H30 CET, rose 2.1% over the same period.

Ney assumed responsibility for the fund in January 2013, when he was named alongside Carlos Galvis, who has since moved to focus on the firm’s absolute return bond fund, Carmignac Portfolio Capital Plus.

The Carmignac Sécurité fund was originally launched by company founder Edouard Carmignac in 1989 and head of international bonds, Rose Ouahba, and head of cross assets, Frédéric Leroux, have also worked on the fund in the past.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Events
  • Citywire Alternative Ucits Retreat 2017

    Citywire Alternative Ucits Retreat 2017

  • Citywire Milan 2017

    Citywire Milan 2017

  • Citywire Paris 2017

    Citywire Paris 2017

  • Citywire Deutschland 2017

    Citywire Deutschland 2017

  • Citywire DACH 2016

    Citywire DACH 2016

  • Citywire Italy 2016

    Citywire Italy 2016

  • Citywire Milan 2016

    Citywire Milan 2016

  • Citywire Alt Ucits 2016

    Citywire Alt Ucits 2016

  • Citywire Berlin 2016

    Citywire Berlin 2016

  • Citywire Switzerland 2016

    Citywire Switzerland 2016

  • Citywire Amsterdam 2016

    Citywire Amsterdam 2016

  • Citywire Montreux 2016

    Citywire Montreux 2016

  • Citywire Deutschland 2016

    Citywire Deutschland 2016

  • Citywire Latin America 2016

    Citywire Latin America 2016

  • Citywire Milan 2016

    Citywire Milan 2016

  • Citywire Munich 2016

    Citywire Munich 2016

  • Citywire Paris Alt Ucits 2016

    Citywire Paris Alt Ucits 2016

  • Citywire Zurich Alt Ucits 2016

    Citywire Zurich Alt Ucits 2016