Funds Watch and product launches
News from T. Rowe Price, HSBC Jintrust, Carlton group, State Street, Efama, JP Morgan AM
T. Rowe Price launches European high yield bond strategy
T. Rowe Price has expanded its fixed income offerings by introducing a European high yield bond strategy available to investors via a separate account and the company’s Luxembourg-domiciled Sicav range.
The strategy invests in corporate debt issues by below investment grade rated companies in European currencies. It focuses on bonds from issuers rated BB and B with the ability to purchase lower quality securities as compelling valuation and risk/reward opportunities arise.
The main investment universe is determined by issue currency not country of domicile and the strategy is benchmarked against the Bank of America Merrill Lynch European currency high yield constrained index.
Carlton launches new global exchange service
In response to the European debt crisis, the Carlton group has launched a global equity exchange website to provide investors with instant access to equity and debt capital as well as a central market place to review distressed loans which financial institutions want to sell.
Because of the debt crisis European banks are under great pressure to sell trillions of dollars in real estate loans over the next year, according to Howard L. Michaels, company chairman.
European property owners also have an opportunity to buy their loans back at a discount, provided they have the capital to do so.
The Carlton Exchange (CEX) has more than $2bn of listings and Michaels expects more than $10bn in transaction flow over the next few months. CEX will provide a central market place for buyers and sellers.
The Carlton Group is an international real estate investment banking company with more than $80bn in real estate debt and equity transactions
HSBC Jintrust launches RMB money market fund in China
HSBC Jintrust fund management company Limited (HSBC Jintrust) has launched an on-shore RMB money market fund in mainland China. The fund raised RMB1.16bn ($178m) during the IPO period from 10 to 28 October 2011 and is the second triple-A rated money market fund in China.
The fund aims to achieve a relatively stable return from a wide range of liquid money market instruments in the local market.