13/01/2011
RCM prepares to release an intelligent govies fund
p { margin-bottom: 0.08in; } In the relatively near future, the Austrian management firm Raiffeisen Capital Management (RCM) is expected to receive a sales license in France for a new bond fund specialised in government bonds, which aims to be “intelligent.” Though RCM has not emphasized new bond products in France for about two years, this new fund may well correspond to the needs of the moment, in a time of crisis for govies, particularly in the Euro zone.The new Austrian-registered product is based on a in-house index developed by Raiffeisen Research. As Philippe Leroy, country head for France, explained Newsmanagers on 12 January at the OFI conference, the fund is designed to do without two constraints: the benchmark, and the ratings agencies. The index is defined on the basis of 20 country-by-country fundamental statistics. If weights each one on the basis of this information, so as not to pay a premium to the less well-behaved countries, the governments who borrow most and thus gain weight in traditional indices. In addition, the index takes into account all countries of the world, and not only the traditionally best-rated.On the basis of this index, RCM then undertakes active management to optimise results.RCM has assets in France of about EUR300m. Growth is expected to accelerate with the addition of retail product marketing, which began two and a half years ago, and which is beginning to gain “nice” levels of assets.
