UK - Bluebay Asset Management has been launched as a specialist manager of European fixed income credit.
Bluebay is 25% owned by Barclays Group and 25% by Shinsei Bank of Japan. It is the first time both banks have invested in equity in a third party fund manager.
The remainder of the company is held by chief executive Hugh Willis and chief investment officer Mark Poole.
The company has been launched in response to an anticipated surge in demand for fixed income credit funds over the coming decade.
Willis said: “The purpose of Bluebay is to create a specialist European fixed income credit asset management company that will manage both alternative investment products and traditional long only products within the field of European fixed income credit under the same roof.”
Its first product will be a hedge fund that is due to be launched in the first quarter of 2002 that will be managed by Poole. After that it hopes to offer a collateralised bond obligation in late 2002.
By the second quarter of 2002 it also hopes to launch an emerging markets bond fund. At some stage during the same year it will provide high yield and investment grade offerings.
Its funds will be targeted at institutional investors in Europe and Japan. The focus will be mainly on euro denominated offerings, but sterling and dollar tranches will be available in certain products.
Barclays Capital chairman Hans-Joerg Rudloff is the non-executive chairman of Bluebay.
By Paul Sanderson
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point