Norwegian asset manager Pareto Asset Management has received the green light of French financial market regulator AMF at the end of May for the commercialisation of its Pareto Sicav in France, InvestmentEurope has learned.
The Pareto Sicav, domiciled in Luxembourg, is composed of two sub-funds : Pareto Nordic Corporate Bond and Pareto Global Corporate Bond.
The former invests in fixed income securities issued by corporations, agencies, governments and municipalities primarily based in the Nordic region while the latter invests in global corporate bonds, investment grade and high yield.
As at 30 April 2017, oil service (15.5%) and shipping (15%) were among the largest sectorial exposures in the Pareto Nordic Corporate Bond, co-managed by Stefan Ericson, Øyvind Hamre and Eric von Koss Torkildsen.
Industrials (22.7%), consumer, cyclicals (18.3%) and financials (15.1%) were the three main sectors in which the Pareto Global Corporate Bond, co-managed by Stefan Ericson and Mathias Lundmark, was invested in.
The Pareto Sicav had combined net assets of €247.19m as of 31 December 2016.