French boutique launches bond fund for former DWS managers
The Paris-based firm is launching its second fund which invests in both sovereign and corporate bonds.
by Atholl Simpson on Feb 21, 2013 at 11:48
French firm Montmartre Asset Management has launched a bond fund which will invest in both sovereign and corporate investment grade bonds.
The fund, Montmartre Second, is the boutique's second fund since it was founded at the end of 2011 and was launched at the beginning of February.
It is managed by former DWS managers Brigitte Dutoit-Cornet, a credit specialist with 20 years experience, and Jean-Sébastien Morançais.
Speaking to Citywire Global, Morançais said the fund will focus predominantly on euro-denominated investment grade bonds with the possibility of allocating up to a maximum of 10% of the fund's assets towards high yield products.
The fund's two main performance drivers will be short-term credit and futures, added Morançais.
It offers investors a diversified portfolio where investment grade holdings will not exceed 2.5% against 1% for high yield products.
It has longer maturity dates than its predecessor, Montmartre Premier, with a maximum duration of 5 years while Premier is 3 years. However, its current average duration is 1.44.
At DWS Dutoit-Cornet ran a number of bond funds, including the DWS Obligations Internationales and DWS Rendement, both of which have since closed.
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