Nordea Teams with ClariVest For New L/S Equity Liquid Alt Fund

Sep 30 2016 | 8:25pm ET

Stockholm-based Nordea Asset Management has partnered with U.S. boutique manager ClariVest Asset Management to launch a new global long/short equity fund.

The new fund, named Nordea 1 – Global Long Short Equity Fund, was launched on September 27 on the company’s Nordea 1 Luxembourg-based SICAV, according to a statement. It will be run by a team of five managers led by ClariVest founder and partner Todd Wolter and will aim to generate deliver consistent absolute returns with low correlation with the equity market.

The new liquid alternative fund is reportedly passported for sale in Austria, Germany, the Netherlands, France, Belgium, Spain, Portugal, Italy, the UK, Sweden, Denmark, Norway, Finland, Latvia, Estonia, and Lithuania.

“Building on the strength of our multi-boutique approach, we see this new liquid alternative product as an important complement to our range of solutions helping investors withstand different market environments,” said Christophe Girondel, Nordea’s global head of institutional and wholesale distribution. “With concerns growing around historically low yields and increased market volatility, we believe that this absolute return solution is a relevant choice for investors who want to diversify their portfolio”

ClariVest, which was founded in March 2006 and is 45%-owned by Eagle Asset Management, which is in turn owned by Raymond James Financial. The company manages a wide range of equity-based strategies for institutional clients, including corporate and public pension plans, foundations, endowments, and Taft-Hartley clients worldwide.

Nordea Asset Management is part of the Nordea Group, the largest financial services group in Northern Europe. It managed €202 billion as of June 30, 2016 for global investors across a broad set of investment funds.

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