London: ECM Asset Management Ltd, a money manager owned by Wells Fargo & Co., started its first fund that will buy both senior secured loans and high-yield bonds.
The investment vehicle, with a 500-million euro (Dh2.35 billion, $628 million) target size, will focus on borrowers from northern non- peripheral European countries, including Germany, the UK, and France, the London-based firm said in an e-mailed statement.
Torben Ronberg, head of loans at ECM, will be the lead manager for the fund, along with Andre Mazzella.
ECM, which manages $9 billion (Dh33.1 billion), is looking to maximise returns for its investments in the high-yield fixed-income markets by combining loans and bonds in a single fund, as the sovereign credit crisis and reduced bank lending in Europe are forcing non investment-grade borrowers to offer higher yield for their debt.
