BNP Paribas IP launches fixed income fund
BNP Paribas Investment Partners (BNPP IP) has launched a new fixed income capability in a bid to capture interest from investors seeking a more defensive option.
The BNP Paribas Asset Management Core Plus Fixed Income Fund will target superannuation funds and insurance companies, but will be available to retail investors through separately managed accounts (SMAs).
The SMA will invest in a portfolio of between 10 and 20 fixed income and hybrid securities, which BNPP IP said would be the first of its kind in the market available in that form.
The fund will be managed by an in-house team led by Doyle Mallett and will invest mainly in Australian fixed income securities, with up to 20 per cent to be allocated to global fixed income.
The global allocation of the fund will be managed by New York-based Fischer Francis Trees & Watts, a specialist single and multi-currency fixed income investor that is owned by BNPP IP.
Chief executive of BNPP IP Australia Robert Harrison said the advantage of this structure was that it gave the company an experienced team in Australia to run the portfolio, while being able to leverage the global credit research of the global firm.
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