Santander Private Banking Spain has launched the Santander PB Strategic Allocation fund through Santander Asset Management.
The new fund raises to three the number of funds aimed at high net worth individuals launched by Santander throughout 2018.
The Santander PB Strategic Allocation, managed by the team led by Santander AM Asset Allocation director Óscar Valcárcel, can invest up to 95% in equities and at least 5% in fixed income. The fund will use half of its portfolio at most to access those assets through other collective investment institutions. Management is based on the performance of the MSCI AC World Hedge EUR, Merril Lynch Euro Govt 1-3Y and Eonia.
According to the fund’s prospectus, it can invest up to 30% in convertible bonds and a maximum of 10% in commodity indices and in derivative financial instruments whose profitability is associated to volatility indices.
Santander AM’ funds aimed at private banking clients account for some €5.3bn in assets under management.