Another global fixed interest manager comes to town

Australian manager Bennelong Funds Management is bringing the Allspring Global Income Fund to Australia and New Zealand, hot on the heals of J P Morgan who earlier this year launched a fixed interest PIE fund in New Zealand.

London-based Allspring is a leading asset manager with more than US$600 billion of assets under management's and over US$460 billion of those funds are in fixed income assets.

Allspring's head of its International Client Group, Andy Sowerby, said the flagship strategy it is bringing to market covers all fixed income sectors and uses both a top down and bottom up approach to managing the fund.

“Allspring’s global income strategy provides broad diversification by actively allocating across the global fixed income universe including the investment grade credit and high yield sectors. Our flexible, dynamic multi-sector approach is different from strategies with more static allocations and fewer exposures, and to strategies managed to three or five-year macroeconomic themes.

“Furthermore, the strategy has delivered resilience in periods of market stress, delivering competitive differentiated performance even throughout disparate and challenging market environments,” he added.

recent market volatility has highlighted the importance of dynamic allocation.

John Burke, CEO of Bennelong, said the partnership will introduce an in-demand income solution to local investors.

“With over 390 investment professionals and 20 global offices, Allspring has scale and experience alongside a strong investment reputation especially in active fixed income. We’re looking forward to working with Allspring to deliver a core component of well diversified portfolios to our broad network of investors, advisers and institutions.”

Bennelong expects to launch the Allspring Global Income Fund as an Australian Unit Trust in June, offering daily liquidity. There is no word yet if it will launch a PIE fund in New Zealand.