The asset management arm of Adelaide Bank, Adelaide Managed Funds (AMF),is seeking a head of fixed interest to spearhead a bid for institutional debt mandates.
The chief executive of AMF, Bruce Speirs, said the new role would be responsible for building a suite of funds to suit every risk profile. AMF already manages $1.9 billion in AAA Saver, a trust backed by Adelaide Bank mortgages which has raised funds from fixed interest brokers and high net worth individuals. It is also responsible for a listed investment vehicle, the Asset Backed Yield Trust, which was paid $100 million in commitments last August and is due for another $100 million this August. The trust, which invests in subordianted debt parcels sourced from third parties, was “;fully invested from day one, unlike a lot of listed investment vehicles,”; Speirs said. He envisioned the new fixed interest chief would also build offerings in the structured products arena. AMF has just launched its first structured product in the form of the Protected Global Opportunities Fund, a capital-protetced vehicle based around reference portfolios of REITs and BRIC-country equities, arranged in association with Credit Suisse investment bank. Speirs hoped to appoint a head of fixed interest soon, but lamented it was a “;sellers market”; for skilled funds management jobs.
The brunt of losses from the LA wildfires are expected to be borne by primary insurers and high-risk reinsurance programs, but super funds are nevertheless closely monitoring the possible impact of the fires on catastrophe bond and insurance-linked securities exposures.
Simon HoyleJanuary 17, 2025
