Last updated: 05:10 / Monday, 17 November 2014
Irish-Domiciled

Eaton Vance Launches Floating Rate Exchange Fund For Non-US Investors

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Eaton Vance Launches Floating Rate Exchange Fund For Non-US Investors
  • An Irish-domiciled qualifying investor alternative investment fund and complies with the Alternative Investment Fund Managers Directive
  • The fund invests in a portfolio primarily of senior floating rate loans of US and non-US corporate borrowers

Eaton Vance Management International, a subsidiary of Eaton Vance Management, has launched a new floating rate exchange fund for non-US qualified investors.  

The Eaton Vance Floating-Rate Income Fund is an Irish-domiciled qualifying investor alternative investment fund and complies with the Alternative Investment Fund Managers Directive.

The fund invests in a portfolio primarily of senior floating rate loans of US and non-US corporate borrowers, Eaton Vance said in a statement.

It will be managed by Scott Page and Craig Russ, co-directors, Eaton Vance Floating Rate Loan team and John Redding, vice president.

The firm said the fund is currently seeking the necessary marketing passport registration to enable it to be marketed across various jurisdictions in the European Union under the requirements of AIFMD, as well as separate approvals to be permitted to market in Switzerland and certain Asian jurisdictions.

“Particular interest today is coming from large institutions grappling with near-zero bond returns and undercompensated risk elsewhere. Seven years into a global economic recovery, we see appetites for unencumbered risk ultimately creating an opportunity to fill the void in risk-managed approaches to the asset class. As investors shift their view of risk, the fund we are launching today will be uniquely positioned to complement or replace existing strategies,” said Niall Quinn, president of EVMI.

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