Lord Abbett to expand passport portfolios’ fund range
US headquartered asset manager Lord Abbett has announced plans to bolster its Passport Portfolios’ fund range, available to non-US resident investors.
The firm will further add a global high yield fund and its first global equity fund.
Launched in March 2014 and domiciled in Dublin, Lord Abbett’s Passport Portfolios recently reached the $1bn (€908m) cap in assets under management.
Daria Foster, managing partner, said, “Since the launch of our efforts in the international markets, we have taken a deliberate and strategic approach to leveraging our current investment capabilities to meet the needs of the international marketplace.
“Surpassing the $1bn milestone serves to underscore the level of interest in our strategies among sophisticated investors around the world. To address this growing demand, we are considering the addition of other portfolios to our line-up later this year, including global high yield and global equity.”
Seán Páircéir, partner at Brown Brothers Harriman, global custodian and full service provider to the Passport Portfolios, said there is a “tremendous opportunity for Lord Abbett in Europe as Ucits remain the global cross-border product of choice for so many investors.”
Currently, the Passport Portfolios are composed of strategies focusing on short duration income, high yield, multi-sector income, US growth leaders, strategic income, total return and emerging markets corporate debt.
Lord Abbett had $130.3bn (€118.4bn) in assets under management as of 30 June 2016.