First State launches Global Credit Income for UK market

First State Investments has launched a Global Credit Income fund for the UK market, targeting wealth managers and discretionary investors.

The fund is a mirror of the firm’s £2.7bn Australian-domiciled Global Credit Income fund, which predominately invests in global corporate debt. Over the past year, the fund has returned 11.38%, ahead of its benchmark – the UBS Australian Bank Bill index – return of 3.97% to the end of December. The new product will be managed by John Case, who also runs the Australian version of the fund. This fund has 76% in the investment grade space and 22% in high yield, with industrials the highest sector weight at 54%, as at the end of December. North America tops the geographical exposure,...