Bennelong to distribute Allspring product in Australasia
Bennelong Funds Management has partnered with Allspring Global Investments to distribute its global income strategy across Australia and New Zealand.
The firm said the partnership will introduce an income solution from the US asset manager to the local market and expects to launch the Allspring Global Income Fund in June.
Allspring is headquartered in North Carolina, having previously been the asset management arm of Wells Fargo, and has US$600 billion ($932 billion) in assets under management.
John Burke, chief executive of Bennelong, said: “With over 390 investment professionals and 20 global offices, Allspring has scale and experience alongside a strong investment reputation, especially in active fixed income. We’re looking forward to working with Allspring to deliver a core component of well diversified portfolios to our broad network of investors, advisers and institutions.”
Andy Sowerby, head of the international client group at Allspring, added: “Allspring’s global income strategy provides broad diversification by actively allocating across the global fixed income universe, including the investment grade credit and high yield sectors.
“Our flexible, dynamic multisector approach is different from strategies with more static allocations and fewer exposures, and to strategies managed to three or five-year macroeconomic themes.
“Furthermore, the strategy has delivered resilience in periods of market stress, delivering competitive differentiated performance even throughout disparate and challenging market environments,” he added.
Speaking to Money Management last year, Burke said the firm was seeking expertise in multisector fixed income where it felt there was a gap in its range and one where Bennelong could seek expertise from overseas.
The only fixed income product offered by the firm until now is UK-based Leadenhall Capital Partners, which Bennelong formed a distribution partnership with last year.
“We don’t have much fixed income, the only product is an insurance linked security product which we distribute through Leadenhall so we want to look at that more, and multi-asset fixed income would be important there as interest rates are far higher than before.
“Multisector fixed income is definitely of interest for us,” he said. “Bonds will be higher for longer, so you need a manager who has experience in working in that type of interest rate environment, who can navigate that.”
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Laura Dew
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