Credit Agricole Asset Management has launched a European fund that focuses on a value stock picking approach. In a separate development, its Paris-based multi-manager team has been chosen to manage the Tectum fund of funds by BSL Asset Management.
The CA-Funds Europe Value fund is to be managed by Melchior Dechelette, and it will select stocks from a universe with a low price to book ratio.
Dechelette said: "We look for stocks which we feel are undervalued by the market and likely to be re-rated within a reasonable timeframe. We look at stock values relative to their sector and prefer economic to account measures of valuation."
The fund is the result of a merger of two existing sub funds that were focused on the French and German markets. The move is part of a restructuring of the CA-Funds designed to provide an offer more adapted to its clients in current market conditions.
In a separate move Credit Agricole"s Paris-based multi-manager team has been selected by BSL Asset Management to manage the Tectum fund of funds.
The CA-AM Tectum fund selection process is to be undertaken by CA-AM Multi-Management team while BSL will contribute to its asset allocation input. The portfolio comprises two sub funds. The Alpha sub fund is composed of 80% equity funds and 20% bond funds. The Beta sub fund has a more cautious profile of 60% equity funds and 40% bond funds.
It is distributed through the German nationwide intermediary network of DMS Deutsche Maklerservice AG and Finanzplan Fonds-Marketing GmbH.
Gerd-Michael Kohlhaas of BSL Asset Management, said: "We have outsourced the management of Tectum in order for us to concentrate on our core business which is giving investment advice."
Benchmark for the portfolios are a composite of MSCI Europe 50%, MSCI World 30%, Salomon WGBI Europe 20% and the Salomon WGBI World 20%. The fund will also change custodian from UBS Luxembourg to Credit Agricole Investor Services Bank Luxembourg.
In another move Credit Agricole has also renamed its CA Funds Hong Kong to CA Funds Greater China. The fund will remain primarily invested in Hong Kong-listed equities, however the investment universe is broadened to mainland China-listed companies as well as Taiwan, for future opportunities related to China. The CA-Funds Greater China is a sub fund of the Luxembourg domiciled Sicav.
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