Lloyds of London, the international insurance market, has selected US asset manager Payden & Rygel to manage a newly launched US fixed income fund.
The USD Enhanced Yield Liquidity fund will be the first liquid fixed income strategy to be available on Lloyds’ investment platform.
According to a statement, the fund is designed for the insurance groups and syndicates in the Lloyds’ market that hold large cash allocations.
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The fund, which was launched earlier this year, has so far attracted US$750 million in investment.
Payden & Rygel was selected to manage the fund following a due diligence process led by Lloyds’ adviser Schroders.
“Payden & Rygel is excited and honoured to have been selected to manage the Lloyd’s USD Enhanced Yield Liquidity Fund,” said Joan Payden, Payden & Rygel chief executive.
Deal with Lloyds gains Schroders £80 billion in assets
“We have focused on delivering strong risk-adjusted returns to sophisticated institutions for the last forty years and at Lloyd’s specifically for the last fifteen years. We are very much looking forward to this partnership with Lloyd’s and working on this new venture.”
