Thames River fixed income funds win S&P A ratings

Two Dublin-domiciled funds managed by Thames River’s Stephen Drew have been granted an A rating by Standard & Poor’s (S&P).

The $456.9m (£289m) Thames River High Income fund has been awarded an A/N8 rating, while the €60.5m (£51.8m) Thames River Global High Yield fund has been rated at A /N9.

Both funds won their ratings on the basis of their track record and the “depth of team experience and resources”, S&P says.

The Thames River High Income fund has returned 12.4% annualised with 5.9% volatility from Drew’s appointment as joint lead manager in May 2009 to the end of August 2011. This is above its targeted 8-10% return with 7% volatility.

“This is a strong risk/return profile that bodes well going forward. However, the period from May 2009 has been good for credit up to the middle of this year,” S&P’s report says.

Drew is supported on both funds by co-manager Mehrdad Noorani and runs a team that includes two credit analysts, an economist and three traders.

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