Lord, Abbett & Co’s Passport Portfolios recently attained over USD250 million in assets under management.
Launched in March, the suite of UCITS funds is designed to provide non-US institutions and non-US resident investors with access to select Lord Abbett fixed income investment strategies.
”The successful launch of these funds is something we are very proud to be involved in,” says Sean Pairceir, partner at Brown Brothers Harriman, which provides full service support, including passive currency administration, for Lord Abbett’s UCITS platform. “The fact that these funds reached this level of assets under management so quickly further underscores the effectiveness of UCITS as a vehicle to meet the investment needs of institutions and investors around the globe.”
The strategies available include the Lord Abbett Short Duration Income Fund, the Lord Abbett High Yield Fund and the Lord Abbett Strategic Income Fund. The portfolios are listed on the Irish Stock Exchange.
Arbour Partners has been appointed to support distribution of the Passport Portfolios in Europe, showcasing Lord Abbett’s suite of products to wealth managers, banks, institutional investors and investment consultants.
Lord Abbett has adapted its fund range to appeal to as broad a European investor and distributor base as possible. For example, the firm offers EUR and GBP hedged options, as well as an unhedged USD class for those investors who prefer to manage their own FX exposure.
In addition to the usual Institutional share classes, which may be accessed by qualifying investors with at least USD1 million to invest, there is a range of "clean" classes for countries such as the UK and The Netherlands, as well as traditionally structured funds that remain appropriate in markets where the equivalent of the UK’s RDR has not been adopted.
The firm intends to apply for UK Fund Reporting Status for selected share classes and full tax transparency in the German market.
