Moneda Asset Management announced today that CPPIB Credit Investments Inc., a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB) and Canada’s largest pension fund manager with C$264.6 billion in assets, has made a US$100 million investment into the Moneda Deuda Latinoamericana fund, which is managed by Moneda S.A. Administradora General de Fondos.
The Moneda Deuda Latinoamericana fund is a high-yield bond fund which invests in US dollar- denominated corporate credit of companies throughout Latin America.
Fernando Tisné, senior partner and portfolio manager of the fund, explained: “We have been able to take advantage of credit opportunities in Latin America over the last 15 years by building a highly diversified portfolio, not only by issuer, but also by country through a deep fundamental analysis process. We believe that it is of utmost importance to be methodical in the investment process, build a highly diversified portfolio and invest with patience.”
“Through our investment in the Moneda Deuda Latinoamericana fund, we are able to gain a presence in the attractive Latin American high-yield credit market, said Mark Jenkins, Senior Managing Director & Global Head of Private Investments, CPPIB. “Moneda is a well-established, successful fund manager run by a strong management team with a proven track record. We look forward to building our relationship with the Moneda team as we seek to expand our presence in the region in this sector.”
“We are happy to partner with such a sophisticated Canadian institutional investor. This investment is an important part of Moneda ́s Canadian business which was first initiated in 2011. Very few foreign investors have dedicated Latam high yield credit exposure, but when evaluating the asset class, there is clear value on its own and when added to a global fixed income portfolio. This education process is part of our long term business model globally,” said Tisné.
With this investment, Moneda Asset Management continues its growth among high-level, reputed foreign institutional clients, such as pension and sovereign wealth funds and family offices globally, which together with their strong base of Chilean clients, enables it to manage over US$ 4,500 billion. Founded in 1993, Moneda is a Latin America focused asset manager that invests across the corporate capital structure. Our investment philosophy is based on fundamental, long term and bottom-up analysis of companies across the region.
Moneda Deuda Latinoamericana manages USD 979 million (abr-2015).