BlueBay Plans New Funds As Profit Soars

Sep 16 2010 | 2:58pm ET

BlueBay Asset Management announced that it will launch a series of new credit funds following a very strong fiscal year.

The London-based fixed-income hedge fund specialist said it would launch new emerging market and global high-yield funds next year. The firm also plans to launch a European government bond unit, which will launch two rates funds of its own.

“Good credit risk management skills are becoming an increasingly important complement to good interest rate risk management skills,” CEO Hugh Willis said.

BlueBay said its pretax profits nearly tripled to £49.7 million in the year-ended June 30 as the firm’s net inflows nearly doubled during the same period of £10.2 billion. The firm now manages some US$37.4 billion, up from US$24.3 billion.

“We are well placed to deliver further progress on AUM, with net inflows for the full financial year estimated at US$5 billion to US$8 billion,” Willis said.

BlueBay’s management fee income rose 32% to £109 million.

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