Mirabaud Asset Management is to merge two global convertible bond funds following the convergence of their investment processes, which focus on environmental, social and governance (ESG) integration.
The merger, which has been accepted by its investors, will allow clients to benefit from economies of scale with a larger pool of assets, all the while sticking to the funds’ ESG criteria.
In 2015, the firm launched its French-domiciled Altitude Convertible Monde. Since then, the Luxembourg-domiciled Mirabaud-Convertible Bonds Global, which was set up a year prior, has also integrated ESG and sustainability principles in its approach.
The latter strategy was managed by the same team but designed to cater to a wider European audience.
Following the merger, both ESG convertibles will continue trading under the Mirabaud-Convertible Bonds Global label. Nicolas Crémieux, lead portfolio manager of both funds, will continue to manage the strategy under the leadership of Renaud Martin, head of the convertibles bond team.
Crémieux said: “Thanks to their [convertible bonds] dual nature, they allow investors to maintain a certain exposure to equities’ additional upside potential, whilst keeping the defensive benefits of the bond-floor; all this in an ESG compliant format.”
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