Fund Flash: BlackRock launches multi-asset fund / Robeco hires ex-HY boss – Citywire Americas

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Citywire Americas rounds up the biggest news in the funds and Ucits investment universe as reported by Citywire’s global publications. 

BlackRock launches conservative multi-asset fund

BlackRock has launched a new multi-asset fund geared toward conservative investors looking for alternatives to low-yielding bets.

The BlackRock Global Funds (BGF) Global Conservative Income fund is managed by Michael Fredericks, Justin Christofel and Alex Shingler, all members of the multi-asset income investing team overseeing €27 billion ($31.4 billion) in assets.

It aims for the same or lower risk level of a 70% bond and 30% equity benchmark, and it can invest in bonds, stocks, global real estate investment trusts, mortgage-backed securities and other assets.

Former Brandywine HY head joins Robeco

Brandywine’s former head of international high yield, Regina Borromeo, joined Robeco’s global macro fixed income group as a portfolio manager.

She left the Legg Mason-owned group in November 2017, triggering a raft of changes within the parent company’s fixed income team.

It’s not yet known what funds she’ll run, but it is understood she’ll continue to be based in London.

UBS AM liquidates active allocation fund range

UBS Asset Management closed its active allocation fund range after it ceased to be commercially viable.

The now-closed funds are: 

  • UBS (Lux) Key Selection SICAV – Active Allocation Balanced (EUR)
  • UBS (Lux) Key Selection SICAV – Active Allocation Defensive (EUR)
  • UBS (Lux) Key Selection SICAV – Active Allocation Growth (EUR)

It is understood that the three lead managers on the fund, Philip Brides, Fabrice Foy and Marc Schaffner remain within the UBS AM team and continue to run a range of other multi-asset portfolios.

The firm launched the three strategies in March 2017 as a cost-efficient asset allocation strategy. According to sources familiar with the matter, the strategies were successful from an investment angle but due to flows, it wasn’t viable to keep them open.

BNY Mellon IM makes thematics debut with mobility fund

BNY Mellon Investment Management entered the thematic funds segment with the launch of a Mobility Innovation strategy.

Sean Fitzgibbon and his team at BNY’s The Boston Company manage the fund using a long-only global equity focus approach, seeking to achieve long-term capital growth by investing in companies disrupting and transforming our use, power and control of means of mobility.

The portfolio will include companies linked to software and data infrastructure required for autonomous driving, advanced driver assistance systems and the rapid increase in demand for electric vehicles, among others.