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Morgan Stanley IM hands top team ‘buy & maintain’ fund

Morgan Stanley IM hands top team ‘buy & maintain’ fund

Morgan Stanley Investment Management has launched a new fixed income credit fund operating a dedicated ‘buy and maintain’ approach, Citywire Selector has learned.

The Morgan Stanley Global Buy and Maintain fund builds on an existing approach made available in an FCP format. A wider available version has now been added to the firm’s SICAV fund range.

It is overseen by a team comprised of Citywire A-rated pair Christian Roth and Joseph Mehlman, as well as Richard Ford, who is head of European fixed income at Morgan Stanley Investment Management.

Commenting on the launch, Ford told Citywire Selector: ‘The fund seeks to offer global credit exposure similar to that of the benchmark, but with security selection that is unconstrained by an index, as well as limited turnover in order to minimize frictional costs.’

Morgan Stanley IM said it had launched the Luxembourg-domiciled in the new format, which was done officially on February 15, in order to meet increased international investor interest.

‘Notably, we see demand from UK investors looking for an alternative and cost effective approach to active credit allocation,’ Ford added.

According to the fund’s Lipper listing, it is currently registered in Luxembourg and the UK. It is benchmarked against the Bloomberg Barclays Global Agg Corp-US Dollar TR.

Ford, Roth and Mehlman are currently co-managers on two credit funds at the group, which are the Morgan Stanley Global Credit and Morgan Stanley Global Premier Credit funds.

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