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Northern Trust introduces high yield multi-manager fund

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Northern Trust has launched the Northern Multi-Manager High Yield Opportunity Fund, an externally sub-advised mutual fund designed to provide competitive performance in a broad range of market environments.

Advised by Northern Trust Global Advisors and Northern Trust Investments, it complements six other existing multi-manager funds in the firm’s open architecture platform.

The fund strives to maintain a highly diversified, opportunistic investment strategy that can invest in high yield corporate securities as well as foreign bonds, emerging markets, bank loans, convertibles, preferreds, mortgages, Reits and equities. It can be used as the primary high yield allocation in investment portfolios or to complement more traditional high yield funds.

Andrew C. Smith (pictured), NTGA chief investment officer, and Jessica Hart, NTGA portfolio manager, are co-managers of the fund.

"Northern Trust is committed to providing investors with sophisticated investment solutions and a wide array of non-proprietary alternative products. Investors benefit from Northern Trust’s focus on due diligence and its experience in selecting external managers," says Smith.

Hart adds: "Offering important diversification in investment portfolios, this new Fund seeks to minimise risk while taking advantage of opportunities in high-yield securities as market conditions fluctuate."

As part of Northern Trust’s multi-manager platform, the fund selects complementary managers from a broad universe of investment managers into a single fund in an effort to provide the best combination of risk and return.

NTGA has enlisted Stone Harbor and Loomis Sayles as the fund’s sub-advisers. Stone Harbor has a 60 per cent target allocation within the fund and employs a relative value strategy to provide consistent characteristics to traditional high yield sectors. Loomis Sayles uses an opportunistic high yield strategy that will provide exposure to out-of-benchmark sectors with a 40 per cent target allocation within the fund.

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