Denmark’s Danske Bank has awarded Goldman Sachs Asset Management a US$1.6 billion mandate to invest in emerging market bonds.
Goldman Sachs will run Danske Bank’s two mutual funds which invest in developing nations’ sovereign bonds, issued in local currencies, on a "sub-advised" basis.
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As per the agreement, Danske Bank can sell the funds to its mutual fund and private banking customers, as well as allocating money to it on behalf of clients, who have granted Danske Bank’s investment officers "discretionary" authority to manage their money actively.
The mandate will be run by Samuel Finkelstein, Goldman Sachs Asset Management’s head of emerging market debt, based in London.
The mandate was previously run by ING Investment Managers but the Danish bank opted to appoint a new manager following recent upheaval.
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