PGIM expands high-yield UCITS range with global launch

Fund seeded with $25m in September

US-based asset manager PGIM Investments has added a fifth fund to its high-yield UCITS range with the launch of the PGIM Global High Yield Bond fund.

The fund will be run by Robert Cignarella and Jonathan Butler, who work within PGIM's 50-strong fixed income global leveraged finance team. Butler told Investment Week the launch was aimed at satisfying the "appetite for a developed market-only global strategy". He added the fund would have "no geographical biases". The 'toxic mushrooms' in the high yield market The cornerstone of the team's process, he continued, is on fundamental, bottom-up credit work, "but we are also focused on finding the best risk-adjusted returns from the index".  Furthermore, it will hedge both currency...