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Thames turns to global bonds

Thames River has unveiled a Ucits III absolute return fund that will focus on global high-yield bonds.

It will launch in May and will be overseen by the global cre- dit team, led by Stephen Drew and Mehrdad Noorani. The fund will be listed on the Irish stock exchange and be structured as a Dublin-domiciled Oeic. It will have retail and institutional share classes denominated in sterling, euros and dollars. The retail class will have a 1.5 per cent annual charge.

Around 70 per cent of holdings will be in developed markets and 30 per cent in emerging markets. About 80 per cent will be in high-yield bonds and the rest will be directed at the investment-grade sector.

The fund will hold about 50 stocks, using a bottom-up process biased towards those with good trading liquidity.


LV= reports £18.3m pre-tax loss

LV= has posted an IFRS pre-tax loss of £18.3m for 2010, reducing the £91.4m loss it made in 2009. The company says the loss has been driven by a decision to reserve an additional £165m for future bonus payments. Annuities business is up 76 per cent over the year on an APE basis from £25m […]

Woodford: Osborne too optimistic on UK growth

Invesco Perpetual income guru Neil Woodford believes Chancellor George Osborne is being too optimistic in his expectations for UK growth. Speaking at last week’s Budget, Osborne revealed that the Office of Budget Responsibility had downgraded the growth forecast for 2011/12 from 2.1 per cent to 1.7 per cent and from 2.6 per cent to 2.5 […]


FSA insurance head Ken Hogg quits to join RGA

FSA insurance sector director Ken Hogg is leaving the regulator to join reinsurer RGA as chief actuary and financial officer for the UK, this week’s Money Marketing reveals. Hogg (pictured) will take up his role at RGA on June 1, and his last day at the FSA will be March 31. He joined the FSA […]

T Bailey chief Britton takes industry break

T Bailey chief investment officer Jason Britton is leaving the firm after 12 years to take a break from the finance industry. Britton joined the fund of funds firm in 1999 and managed the £176m growth fund in addition to his CIO duties. Former chief investment officer Richard Martin will return to day-to-day fund management […]


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