Bennelong launches first fund in Allspring partnership
With a distribution partnership agreed in May, Bennelong has announced it will offer the Allspring Global Income Fund to Australian investors.
This fund will be available to retail, wholesale and institutional investors, and will invest in global fixed income sectors, including government, securitised, investment grade credit, high yield and emerging market debt markets.
It will offer daily liquidity with an objective of outperforming the Bloomberg Global Aggregate Index and generating a total return consisting of a high level of current income (paid monthly) and capital appreciation.
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 across fixed income funds.
The distribution partnership between the two firms was first announced in May 2025 to distribute Allspring funds to Australian and New Zealand investors.
John Burke, Bennelong chief executive, said: “We believe this fund can be a core component of well-diversified portfolios. Allspring’s global income strategy has delivered strong risk-adjusted returns for over 10 years, and it’s exciting to bring a proven, well-diversified and dynamic product to our network of investors, advisers and institutions.”
Andy Sowerby, head of the international client group at Allspring, said: “Our flexible, multisector approach is different from strategies with more static allocations and fewer exposures, and to strategies managed to three or five-year macroeconomic themes. The strategy has delivered competitive performance in periods of market stress, including over the challenging markets of 2025.”
Advisers’ use of fixed income funds is on the rise as they seek defensive exposure for client portfolios to manage market volatility. In Morningstar’s Australian asset manager report for Q2 2025, this found fixed income – which also included private debt, diversified credit, and unconstrained fixed income – and cash were the only products managed by traditional active managers reporting positive flows.
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.”
AUTHOR
Laura Dew
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