Citywire Selector covers a host of new fund launches, closures and strategy changes encompassing a diverse range of asset classes and investments ideas.
In this round-up, we have bought together all the major market-moving announcements from the past week to see who is hiring who, and what trends or themes are coming to the fore in fund management.
Changes and closures
• Nordea shake up
This week the main changes come from a major shakeup at Nordic investment firm, Nordea. In the space of just a few days Nordea soft-closed the Nordea 1- Stable Return fund, and the next day announced plans to launch a new multi-asset absolute return fund.
The firm closed the blockbuster stable return strategy to new investors following a substantial increase of assets over the past year. It ballooned from around €10 billion in assets at the end of 2015 to €17.07 billion at the end of July.
Just one day after the closure, Nordea opted to capture heightened investor interest by announcing plans to launch a similar strategy, which will be overseen by the same management team of Asbjorn Trolle Hansen, Claus Vorm and Kurt Kongsted.
• Asia Pacific absolute return launch
• Convertible bonds blast-off
• Currencies strategy unveiled
BlackRock this week sought to strengthen its absolute return fund range wtih a new long/short absolute return fund. The BlackRock Strategic Funds (BSF) Asia Pacific Absolute Return fund is designed for investors looking to boost returns above traditional equity and bond exposures.
The launch of the fund comes less than a month after the announcement of a new UK equity long/short strategy.
Also bolstering its funds range, boutique investment firm Sparinvest which announced the launch of a convertible fixed income fund.
The Global Convertible Bonds fund was launched at the end of August and will be headed up by Stephan Bach. The fund can invest in all regions. Including emerging markets and has no limitation in terms of industries or sectors.
Elsewhere, Swiss firm Woodman Asset Management launched a Ucits-compliant currencies fund which will be managed by Lasse Andersen, who has previously run FX strategies on a mandate basis in the past.
The Woodman Global Currencies fund will invest mainly in G20 currencies and, to a lesser extent in emerging market currencies.