Lord Abbett, the US fund manager, is to roll-out a number of sub-funds cloned from existing mutual f...
Lord Abbett, the US fund manager, is to roll-out a number of sub-funds cloned from existing mutual funds sold in America to up its UK retail presence.
The group already has four Oeic subfunds in the UK: LA US Affiliated fund (large cap value), LA Global Bond, LA Global Growth & Income, and LA European. The latter is a fund which was recently restructured and is soon to be admitted to the European sector, subject to a decision by Autif.
The funds are largely clones of US mutual funds run out of New Jersey, with the $11bn Affiliated fund, created in 1934, the flagship of the US range.
The planned launch of these funds will grow the Oeic, according to Lord Abbett's managing director Richard Seiling, to between eight and 10 subfunds, with the launches including fixed interest mandates following in the second half of the year.
The group also plans to launch a UK website at www.lordabbett.co.uk and will be hiring a salesman to boost its sales through the intermediary channels and support Seiling.
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