Danish asset manager Absalon Capital has partnered with German-based investment firm Universal-Investment to manage fund administration and sales for its high-yield bonds and emerging market corporate bonds.
Universal-Investment said that it will distribute Absalon Capital’s funds through its Luxembourg administration platform.
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Absalon Capital head of international sales Soren Rytoft said: "We have decided to use Universal-Investment’s efficient administration platform because it allows us to fully focus our resources on the management of our funds."
The two Absalon funds shall and the company already has concrete plans for additional fund projects. The funds will initially be launched with a total volume of EUR100m.
Under the partnership, Universal-Investment will support Absalon Capital in marketing its funds in Germany, Luxembourg, Austria and Switzerland.
Meantime, Absalon Capital has hired former Sparinvest head of fixed income Klaus Blaabjerg as new lead fund manager.
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By GlobalDataAbsalon Capital expects to sell its funds in Scandinavia, Great Britain, Spain and Italy, among others.
Universal-Investment’s private label business head Katja Müller said: "For us, Absalon Capital is another important partner in our efforts to expand our international fund platform which offers international asset managers, in particular, a gateway to the European and global market. Universal-Investment already manages more than EUR 20 billion in assets from Luxembourg."
"Universal-Investment currently administers 535 mutual funds with a volume of EUR23.6bn at its Frankfurt and Luxembourg locations. All in all, the Universal-Investment group has assets under administration of about EUR245bn," he added.
