Algebris Financial CoCo Fund gets green light for Italian market
Algebris Investments, based in London, has been authorised by the Bank of Italy to distribute its Algebris Financial CoCo Fund in the Italian market.
Algebris’s CoCo Fund, domiciled in Luxembourg, invests in bank capital instruments with a particular focus on new contingent convertible structures (CoCo).
The fund aims at generating a constant income stream through the coupons of the underlying investments with a focus on capital preservation and it uses moderate leverage and hedging strategies.
It is the first foreign CoCo fund available on the Italian market. The fund will target institutional clients, with a specific focus on the insurance market.
Algebris Financial CoCo Fund was initially launched in March 2011. Its performance from the beginning of the year to the end of April has been +31%.
Algebris was founded in 2006 by Davide Serra and Eric Halet. Its flagship Algebris Global Financials Fund launched in October 2006. Algebris subsequently launched the Algebris Emerging Markets Financials Fund in January 2010, a Ucits version of the flagship fund in January 2011 and the Algebris Financial CoCo Fund in March 2011.
Photo: World Economic Forum