Advent Capital Management UK has launched the Advent Global Convertible Fund, a UCITS-regulated umbrella fund domiciled in Ireland.
The fund seeks a positive total return by investing primarily in convertible bonds and convertible preferred securities in any geographic location.
The Advent Global Convertible Fund is the second UCITS launch by Advent this year. In April, the firm debuted the Advent Global Absolute Return Fund, an alternative investment UCITS fund that uses multiple investment strategies, such as relative value and event-driven investments. Advent Capital Management, LLC, which manages approximately USD8.7 billion as of June 30, 2015, has been managing UCITS funds since 2009, and currently runs approximately USD600 million in UCITS assets on both a direct and sub-advised basis.
“The launch of our UCITS fund earlier this year was met with overwhelming enthusiasm from our investors,” says Kris Haber (pictured), Advent Capital’s Chief Operating Officer. “Clients have been asking us to develop regulated, commingled vehicles that harness our leadership in both multi-asset alternative investments and convertible bond investing. These two offerings are our response to investor demands.”
Advent is a leading asset manager that has successfully grown its capabilities across the capital structure, capturing opportunities that have built an impressive track record over the last 20 years. The firm utilises a dynamic, bottom-up, fundamental approach to security selection which will be employed in the Advent Global Convertible Fund.
The new UCITS fund is co-managed by Hart Woodson and David Hulme.
Woodson has 30 years of industry experience, the majority of which has been focused on the convertibles market, and is the author of Global Convertible Investing. Woodson joined Advent from GAMCO Investors where he managed the Gabelli Global Convertible Securities Fund. He has also held positions at ABN AMRO Bank in the Netherlands and Meridien International Bank.
Hulme has worked in the investment industry for 21 years. He joined Advent from Van Eck Global Asset Management where he served as Investment Director and co-managed their global emerging market equity funds. He also held positions at Peregrine Asset Management and in the Financial Markets group at PriceWaterhouse.