GLG has launched a global strategic bond fund for fixed-income manager Christophe Akel.
Akel’s GLG Strategic Bond fund will invest in government and corporate debt, convertibles, convertible preference shares, index-linked securities, derivatives, money market instruments, deposits and cash or equivalents.
The fund will also be able to take synthetic short positions through credit default swaps and can move freely between different duration lengths – although the portfolio cannot hold a fully negative duration position.
Akel, who is also lead manager of the GLG Global Corporate Bond fund, says: “I am looking forward to running a strategy with this degree of flexibility, both across the credit universe and geographically.”
Richard Phillips, head of UK retail at Man, adds: “We have seen strong demand from investors for a global strategy with the ability to invest across the entire fixed income universe.”
Targeting a return above three-month GDP LIBOR and the IMA £ Strategic Bond sector average, the fund’s retail share class has a minimum investment of £1,000, a 3.5% initial charge and an annual management charge of 1.25%.
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