Polar Plans UCITS Convertibles Fund

Aug 16 2013 | 1:19am ET

Polar Capital is set to launch a UCITS-compliant convertible bond fund, helmed by the managers of its existing US$40 million convertibles vehicle.

The Polar Capital Global Convertibles Fund will be domiciled in Dublin, pending regulatory approval. The new offering will focus on bonds paying a 3% yield or more, with between 40 and 50 positions, weighted towards the U.S. and Europe.

The ALVA Global Convertible Fund, launched in November 2010 and managed by David Keetley and Steve McCormick, has returned 10.7% over the past year.

"The idea came about through client demand, as they look to move away from the bond market and gain exposure to convertibles instead," Keetley told Investment Week. "The fund will have higher volatility and more return potential than the existing vehicle."

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