Insight's Pinggera buys Neuberger trust

Insight's multi-managers have opened a new position in the Neuberger Berman Global Floating Rate Income trust, the largest investment trust IPO the market has seen this year.

Mike Pinggera, Steve Waddington and Shantanu Tandon have reduced their cash weighting from 18% to 10% to chase "a tremendous pipeline of opportunities" in the market, including the latest offering from Neuberger, which has raised $507m through its share issue, more than double its $200m target. The managers have taken a 1% initial position across the four funds in the multi-asset group, including the £191m Diversified Target Return fund. "Our latest acquisition is the Neuberger trust, which will play out in the voids created by the banks drifting away from investment funding," said Ta...