Liontrust readies credit strategy launches
LONDON (Reuters) - Liontrust is readying a European cross-border version of its long/short credit fund and a long-only strategic bond fund, managed by the Ilex team brought in during the spring.
The UK fund house (LIO.L), which has 1.2 billion pounds under management, said it would launch a number of products after it bought credit specialists Ilex in March, including long-only credit funds for the retail market.
Simon Thorp, head of fixed income at Liontrust, said the cross-border UCITS version of the former Ilex Credit Fund would hopefully launch in November, while the strategic bond product would probably come in the first quarter of next year.
He hopes the former, which will invest in European cash bonds and will also go long/short, will have a wider appeal than the existing fund.
"In the post-2008 world a lot of classic hedge fund investors can only invest in UCITS or would prefer UCITS, given the choice," said Thorp.
The European Union's UCITS rules are designed to allow funds to be sold throughout the EU and also offer a degree of transparency not normally associated with hedge funds.
The plan is to market the new fund to discretionary managers, private banks, family offices and institutions across Europe who are not currently using hedge funds, as it will be run along more conservative lines.
(Editing by David Holmes)
