Funds 23 May: Three Ucits funds from GLG, Calamos and Pictet, JP Morgan wins mandate
GLG revamps environment fund in sustainability fund launch, Calamos opens Ucits version of emerging markets fund, Pictet unveils global total return credit fund, JP Morgan wins Dutch pension fund mandate.
GLG Global Sustainability Equity Fund
GLG Partners, part of hedge fund management group Man Group, has revamped its environment fund with the launch of a sustainable fund that has a wider remit to invest globally, and is designed to compete with traditional global equity funds.
The GLG Global Sustainability Equity Fund, a Ucits fund, will use environmental, social and governance guidelines to help steer its investment process and select stocks the firm believes will be sustainable in future.
It will focus on mid and large caps, to avoid the illiquidity risks that fund manager Jason Mitchell believes are inherent in small cap companies running a cleantech-type strategy.
Mitchell, a former employee of GLG from 2004 to 2008, rejoined the firm in May 2010 to run its environment fund. At the same time he sought to overhaul the fund’s strategy, the result of which was the sustainability fund. It has attracted new money from institutional investors, a spokesperson confirmed.
Calamos Emerging Markets Fund
US manager Calamos Investments has opened a Ucits version of its emerging markets fund, previously only available to US investors since 2008, with the aim of attracting institutional and retail investors outside the region.
The Calamos Emerging Markets Fund will invest in low-volatility equities, such as convertible securities, to help capitalise on rising equity markets while managing downside risk when those markets decline, it said.
It adds to the firm’s existing Ucits range, which includes its Global Equity Fund, U.S. Growth Fund, Global Convertible Opportunities Fund and U.S. Convertible Opportunities Fund of Calamos Global Funds PLC, a UCITS fund platform.
UK institutional investor the £1.4bn Superannuation Arrangements of the University of London has already allocated £45mn to the strategy.