Goldman Sachs Asset Management has unveiled a new Luxembourg-domiciled bond fund that targets the European high yield market.
The fund will be managed by the firm’s corporate credit investment team, which includes 72 investment professionals, as well as 28 leveraged credit professionals.
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With a minimum initial investment of 5,000, the fund will invest primarily in below investment grade bonds issued by companies from across the region.
Additionally, the fund will provide investors a fixed income fund that endures a period of uncertain interest rates rises in Europe, as well as bank deleveraging.
This leveraged credit team is now responsible for management of the Goldman Sachs Global High Yield portfolio that has $11bn in assets under management.
Furthermore, the team will also manage nearly $4bn of European-domiciled high yield assets across a range of global fixed income strategies.
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By GlobalDataNick Phillips, head of GSAM’s international third-party distribution business, said: "The fund is designed to access opportunities in a rapidly growing European high yield market, where structural drivers such as bank deleveraging are expected to lead to a substantial increase in issuance over the next five years."
