Bennelong partners with Allspring for fund launch

Bennelong Funds Management has partnered with Allspring Global Investments to distribute its global income strategy across Australia and New Zealand.

Bennelong expects to launch the Allspring Global Income Fund as a unit trust in June this year, offering daily liquidity, and broad access for local investors.

Allspring has $930 billion (US$600bn) of assets under management and advisement, managing over $715 billion (US$460bn) in fixed income assets for a global client base.

Bennelong chief executive John Burke said the partnership will "introduce an in-demand income solution" to local investors.

"With over 390 investment professionals and 20 global offices, Allspring has scale and experience alongside a strong investment reputation especially in active fixed income," Burke said.

"We're looking forward to working with Allspring to deliver a core component of well diversified portfolios to our broad network of investors, advisers and institutions."

Allspring head of the international client group Andy Sowerby said recent market volatility has highlighted the importance of dynamic allocation.

"Allspring's global income strategy provides broad diversification by actively allocating across the global fixed income universe including the investment grade credit and high yield sectors," Sowerby said.

"Our flexible, dynamic multi-sector approach is different from strategies with more static allocations and fewer exposures, and to strategies managed to three or five-year macroeconomic themes.

"Furthermore, the strategy has delivered resilience in periods of market stress, delivering competitive differentiated performance even throughout disparate and challenging market environments."