An American fund manager has scored Perpetual as its first Aussie institutional client with a credit mandate.
Perpetual has mandated Thornburg Investment Management which is headquartered in Santa Fe, New Mexico and represented here by Melbourne-based Terrain Placement.
Perpetual head of multi-manager Theo Sofios said Thornburg's strategy adds a transparent exposure to unconstrained credit to its portfolios.
"We look forward to partnering with Thornburg and accessing their multisector opportunistic credit strategy via a separately managed account and their upcoming fund for Perpetual Private's implemented fixed income portfolio and fixed Income model portfolios respectively," Sofios said.
Thornburg's multi-sector opportunistic credit strategy has been running since 2008 and invests in income-producing securities with an emphasis on higher-yielding fixed income. It is co-managed by Jason Brady, Jeff Klingelhofer, Lon Erickson and Christian Hoffmann.
Thornburg manages about US $45 billion globally across equities, fixed income and alternatives.
It has been coming to Australia since 2018. Its initial focus was to market its equities and fixed income strategies down under, managing director Matt Burdett told Financial Standard on a visit to Sydney in October.
However, it changed its focus to income strategies after seeing a greater demand for them from superannuation funds.