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Investec merges offshore bond funds

Investec Asset Management has merged three offshore bond mandates into its Luxembourg-domiciled Global Strategy Fund (GSF) Investment Grade Corporate Bond fund.

The assets of the GSF US Dollar, European and Sterling Bond funds were all merged into the groups offshore investment grade corporate bond mandate, which according to Investec is one of just 11 Luxembourg or Dublin-domiciled funds available to investors in the asset class.

The fund, managed by John Stopford, co-head of fixed income at Investec, has grown to just over $115m (72m) as a result of the mergers, which were completed on May 19.

In a release Stopford says: We continue to believe that currently the greatest investment opportunities lie in investment grade bonds issued by non cyclical businesses.

Based on the last twenty years of history, we believe current yields should be sufficient for investment-grade bonds to outperform government bonds by about 7% per annum on average over the next three years, with limited risk of significant under-performance.

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