US asset management launches first Ucits fund

American credit specialist CIFC has launched a Ucits fund as it builds its presence in Europe. The CIFC Global Floating Rate Credit fund opens up access to the firm's structured credit expertise for the first time in a Ucits format. It will invest in some of the more liquid tranches of collateralised loan obligation (CLO) bonds, investing at least half of its funds in BBB-rated bonds. The fund, which has launched with commitments of over £50m, is managed by Jay Huang and is targeting a return...