Citywire Americas rounds-up the biggest news in the funds and Ucits investment universe as reported by Citywire’s global publications.
This week we kick off with another US asset manager buying into the expanding European passive market.
Invesco is buying Source, a London-based exchange traded fund (ETF) provider with $25 million ETF assets. Reports had suggested the Atlanta-based Invesco would pay $500 million but the fund group has not provided detail of the size of the deal.
The deal will bolster Invesco's existing ETF business, Powershares, which runs around $110 billion, strengthening the fund group's position in the $600 billion European ETF market.
Parbrook, who is set to move from the London office to Hong Kong, will continue to manage his other funds and work with Schroders’ Asian Equities team.
AXA Investment Managers is putting strong limitations on the level of investment its funds can make in coal companies.
In a bid to be more ‘responsible investors’ the firm will divest from companies deriving more than 50% of their revenues from coal-related activities from June 30, 2017. They expect to pull $194 million in investments.
London fund group Hermes Investment Management has hired Cairn Capital's chief investment officer, Andrew Jackson, as its new head of fixed income.
Jackson will be responsible for leading the strategic development of the credit and direct lending teams and will replace Zoe Shaw, who left the firm in 2016.
The HSBC GIF Asia ex Japan Equity Smaller Companies will close to all new subscriptions next month as it hits $1.3 billion in assets under management.
Fung and Kwan have managed the fund since July 2012 and primarily invest in companies with a market capitalisation of $4 billion or below.