BNY Mellon Investment Management has unveiled a new Dublin-domiciled UCITS absolute return fund for European investors.
Dubbed as BNY Mellon Absolute Insight fund, the fund that mirrors the £692 million UK-domiciled non-Ucits Absolute Insight fund.
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The fund will invest across a range of absolute return strategies, targeting a positive return with low correlation to equity markets.
Launched with 90 million client seed money from six countries across Europe, the fund aims to achieve positive returns on a rolling 12-month basis. It will be offered to retail and institutional investors denominated in sterling as well as euro, dollar and Swiss franc share classes.
With a minimum investment of £5,000, the fund will be managed by Insight’s specialist equity, fixed income and multi-asset teams and will have an ongoing charge of 1.85%.
Abdallah Nauphal, CEO of Insight Investment, said: "We believe absolute return investment approaches will play an increasingly important role in portfolios. The addition of a multi-strategy UCITS fund to the Absolute Insight range will open this capability to the broadest range of investors in Europe."
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By GlobalDataSonja Uys, part of the fund management team, said: "The low correlation between the individual strategies makes this an effective portfolio diversifier. It also results in a fund with very low correlation to traditional asset classes or world equities, that has extremely low volatility and hence a much lower risk profile."
Matt Oomen, head of EMEA intermediary distribution at BNY Mellon, said: "There is a clear and present demand for absolute return products particularly as they give investment managers even greater flexibility to deliver positive returns."
