Fund and product launches: Threadneedle, ING IM, Banque centrale du Luxembourg, Clearstream International, Société Générale Private Banking
Threadneedle expands Luxembourg Sicav range
Threadneedle Investments has launched the Threadneedle (Lux) US Contrarian Core Equities Fund in its Luxembourg Sicav range.
The fund is managed by Guy Pope, managing director and senior portfolio manager at Columbia Management, an asset management subsidiary of Ameriprise Financial.
The fund has been registered with the CSSF in Luxembourg and the AFM in the Netherlands and registration is pending in other jurisdictions.
The fund will be managed with the same approach as the $1.6bn Columbia Management Contrarian Core Fund which seeks out of favour income and growth stocks. Pope will use a proprietary screening method to find large cap US stocks which are in the bottom third of their 52-week price range.
The strategy, which Pope has been running for seven years, will now be accessible for investors in Europe, the UK and Asia.
ING IM launches emerging markets fund
ING Investment Management has launched the ING Emerging Market High Dividend Fund to tap into high quality, dividend paying stocks in emerging markets.
The Luxembourg domiciled fund follows the launch of the $385m closed-end ING Emerging Markets High Dividend Equity fund in the US earlier this year.
The fund employs an actively-managed high dividend approach, seeking outperformance with reduced volatility and downside capture, while offering a dividend yield which is at least 1% higher than the MSCI Emerging Markets index.
Ing IM is hopeful the fund will avoid the pitfalls of passively investing in the highest yielding stocks such as dividend traps – companies where yields get elevated when fundamentals weaken and dividend uncertainty increases.
The fund’s lead manager is Manu Vandenbulck, senior investment manager of the Emerging Market High Dividend strategy at ING IM.
LuxCSD goes live
The Banque centrale du Luxembourg and Clearstream International have launched a 50/50 venture called LuxCSD, the new central securities depository for Luxembourg.
LuxCSD has been designated Securities Settlement System by the Luxembourg central bank which is required to operate under the protection of the Settlement Finality Directive.
LuxCSD now provides the Luxembourg financial community with central bank money settlement services as well as issuance and custody services for a wide range of securities including investment funds.
SocGen sets up bonds advisory service
Société Générale Private Banking has launched an analysis and advisory service for the bonds market (both sovereign and corporate) in response to the growing interest of private clients in this asset class.
Based in both Europe and Asia, the private bank’s bonds specialists will offer a tailor-made advisory service that combines performance research and risk management in all the bonds and credit markets worldwide.
The specialists design bonds portfolios and provide management advisory services, benefitting from the macro-economic overviews of Société Generale Private Banking, in-depth analysis of the bond issuers and their own reading of the markets.
Société Générale Private Banking will work in partnership with AMBA Research, a leading provider of investment research and analytics services. According to Société Generale, its private clients are expanding their range of bonds investments in the emerging markets and high yield sectors given the current economic climate.