ECB hires four asset managers to buy ABS

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The European Central Bank has appointed Aumdi, Deutsche Asset & Wealth Management (DeAWM), ING and State Street Global Advisors as four executing asset managers to conduct its Asset Backed Securities Purchase Programme (ASBPP) as of November.

The asset managers in question will be responsible for conducting ABS purchasing transactions as instructed by the Eurosystem. The ECB stressed that the contracts contain number of provisions such as the separation of teams working for the ECB and those engaging in other asset management activities.

The ABSPP programme is expected to last for at least two years, combined with the TLTRO and purchases of covered bonds, the ECB aims to the size of its balance sheet by €1trn and boost issuing of loans.

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