Eaton Vance Management, a subsidiary of Eaton Vance Corp, is planning to launch a new floating rate loans fund for UK investors by the end of this year.
Dubbed as Eaton Vance Ireland Floating-Rate Income Fund, the strategy will invest more than 80% of its assets in US loans market, while the remaining in European markets, reported International Adviser.
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The new fund will follow a similar strategy to that of the firm’s Cayman vehicle called the Floating-Rate Fund, led by Scott Page.
Floating-rate loans usually perform with low correlation to traditional fixed income and equity markets.
Page said: "We are not bringing European loans to European investors, but bringing global loans to European investors. It’s an asset class for investors who feel forced into buying risk, and buying corporate credit even though it scares people. We offer a stability seeking approach to US loans.
"We are not creating a new asset class, but a new thought process. Stability is more important than eye-popping returns," added Page.
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