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Thornburg targeting US offshore growth as assets rise

Thornburg targeting US offshore growth as assets rise

US asset management firm Thornburg Investment Management is looking to ramp up its US offshore efforts as flows to its Ucits funds start to accelerate.

The New Mexico-based group's US offshore assets have more than tripled from $35 million to upwards of $110 million in its Ucits funds over the last year, according to Vincent Leon, who heads its distribution efforts for its US offshore advisory channel, with most of the assets being added in the last few months.

The firm has five equity Ucits funds domiciled in Ireland and one fixed income fund, the Thornburg Limited Term Income Fund, which the asset manager launched in May 2017.

Its ‘flagship’ for non-resident clients is the Thornburg Global Opportunities fund, which is managed by Brian McMahon and Vinson Walden and mirrors a $2.4 billion 40-Act fund of the same name.

The surge in flows has been driven by wirehouses UBS Wealth Management Americas and Morgan Stanley Wealth Management recently onboarding the fund to their international advisor platforms, as well as by independent players accessing the fund through Pershing.

At the moment, Leon’s top priority is building the brand’s name.

‘I think we need to earn our place at the table but the goal is for when people are reviewing global equity that Thornburg is at the top of their minds.'

Hiring plan

To further its distribution efforts, Leon is looking for another team member, an internal wholesaler to be based at the firm’s headquarters in Santa Fe, New Mexico, with a view to possibly servicing states with offshore hubs such as Texas and California.

He added: ‘We’re very excited and committed to the offshore space, which you can see by the firm launching new products, signing distribution agreements and hiring.’

Over the five years ending in September, the Thornburg Global Opportunities fund has returned 89.76%, outperforming its Citywire assigned benchmark the MSCI AC World TR USD, which returned 66.94% over the same period. 

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