US investment boutique Lord Abbett has outlined plans to expand its range of Ucits-compliant funds after seeing strong growth over the past two years, the company has announced.
The New Jersey-based asset manager said it would next look to bring a global high yield fund and a global equity fund to its 'Passport Portfolios' range in the fourth quarter of 2016.
The Dublin-domiciled Passport Portfolios range was launched in March 2014 as a means of expanding its coverage beyond its home market of US domestic investors.
Since launch the Passport Portfolios has grown to over $1 billion in assets under management, which has driven the decision to launch the two new funds.
Commenting on the decision, Seán Páircéir, partner at Brown Brothers Harriman, which is the global custodian and full service provider to the Passport Portfolios said: ‘Lord Abbett’s ability to grow their Ucits funds so quickly, and in such a competitive market, is a testament to their longstanding reputation as a successful asset manager, first in the US and now globally.’
‘We see tremendous opportunity for Lord Abbett in Europe as Ucits remain the global cross-border product of choice for so many investors. We look forward to supporting their continued success.’