Royal London Asset Management, which manages £7 billion in fixed-income assets, will launch a high-yield fund in the second half, specializing exclusively in European credits. Andrew Carter, cio, says the launch is a response to market demand as investors are expressing an interest in venturing down the credit rating spectrum. Jonathan Platt, head of fixed-interest investment management, will run the new fund. Currently, the firm manages only an undisclosed "small amount" of high-yield assets and the size of the new fund should be about £25 million. The fund will invest in sub-investment grade credits, illiquid debentures, crossover credits and some investment-grade debt. Separately, the firm is looking to hire a fixed-income portfolio manager to replace Paul Doran, who has moved over to head the quantitative team concentrating on equities.
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|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||7,026||25||11.95|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||95,782.14||279||11.40%|
|3||Wells Fargo Securities||80,847.28||245||9.63%|