The new Eaton Vance (Ireland) Multi-Asset Credit Fund aims to provide investors with a broad exposure to the global sub-investment grade credit markets, principally through higher yielding credit assets including high yield bonds and floating-rate loans.
Up to 40% of the fund’s assets could be allocated to opportunistic and risk-reducing fixed income asset classes. The strategy will also be available to investors as a customisable segregated mandate.
The fund is a regulated, Irish-domiciled qualifying investor alternative investment fund (QIAIF) and complies with the Alternative Investment Fund Managers Directive (AIFMD). It will be co-managed by Jeffrey Mueller, Justin Bourgette, and John Redding.
Eaton Vance is a leading manager of global leveraged credit and has been managing multi-asset credit vehicles since 2003, high yield bond investments since 1982 and floating rate loans since 1989. Global leveraged credit assets totaled $45.3bn (£29.6bn, €38.4bn) as of 30 April 2016.
Pension demand
The new fund launch follows the March publication of a ‘Made Simple Guide’ which makes the case for investing in multi-asset credit strategies. Published in partnership with the Pensions and Lifetime Savings Association, the guide explains how multi-asset credit strategies may address many of the evolving needs of pension funds.
Payson Swaffield, chief income investment officer of Eaton Vance Management, said: “Eaton Vance is an experienced manager of investments across the global credit spectrum. Bringing our multi-asset credit capability to investors in a QIAIF structure is a natural evolution of our market leadership position in leveraged credit.”
Eaton Vance, whose history dates back to 1924 managed $318.7b in assets as of 30 April 2016, offering individuals and institutions a broad array of investment strategies and wealth management solutions.
