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Fund Flash: Invesco to buy $1bn ETF business/ BNY launches fund

Fund Flash: Invesco to buy $1bn ETF business/ BNY launches fund

Citywire Americas rounds-up the biggest news in the funds and Ucits investment universe as reported by Citywire’s global publications.

 

Invesco set to buy Guggenheim’s ETF business

Atlanta-based money manager Invesco is expected to buy New York-based Guggenheim Partners’ ETF business for at least $1.1 billion in cash.

The final purchase price was reportedly still being negotiated but could be between $1.1 billion and $1.3 billion.

Invesco’s ETF business is already the fourth largest in the world with $125 billion in assets under management. Meanwhile, Guggenheim runs about $30 billion in its ETF business. 

AXA IM unveils short-duration global bond

AXA Investment Managers launched a global short-duration fund to help investors gain access to worldwide diversification while mitigating the impact of rising rates and volatility. 

Sector specialist Nicolas Trindade, who will run the fund, will seek to generate income through a low duration approach. The fund aims to have 20% of its bonds mature each year and can invest in bonds with a top maturity of five years, including hard currency emerging market debt. 

Trindade oversees the AXA Sterling Credit Short Duration Bond fund and the AXA WF Global Credit Bonds. AXA IM runs $29.5 billion globally in short duration strategies.

Absolute return manager exits Barings

James Ind, an absolute return specialist at Barings, has left the group after two years.

Ind joined Barings in September 2015 from GLG Partners as Barings shored up its ranks after the exit of Hartwig Kos.

Former deputy manager Merrick Styles has since taken over Ind’s fund, the $15.4 million Dublin-domiciled Baring Dynamic Absolute Return. Matthew Whitbread will continue to serve in a support role.

BNY launches US high yield beta fund

A US high yield beta fund is the newest addition to BNY Mellon Investment Management’s bond range.

The BNY Mellon US High Yield Beta aims to follow a cost-efficient approach and achieve similar returns to the Bloomberg Barclays US Corporate High Yield Index over a full market cycle.

BNY Mellon IM investment boutique Mellon Capital Management will run the fund, with senior fixed income portfolio manager Manuel Hayes as the lead manager.

BNP Paribas AM bolsters smart-beta ETF range

BNP Paribas AM boosted its smart-beta ETF range with three new tracker funds.

The BNP Paribas Easy Equity Dividend and BNP Paribas Easy Equity Dividend Europe Ucits ETFs seek to replicate the performance of BNP Paribas strategy indices while investing in a basket of liquid shares that pay high, stable and sustainable dividends.

Meanwhile, the BNP Paribas Easy Equity Value US Ucits ETF aims to replicate the returns of a strategy index that tracks the performance of a basket of US shares that appear undervalued.

The three funds are Luxembourg-domiciled. With the three launches, BNP Paribas Easy's range grew to 14 vehicles.

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Merrick Styles
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