Marlborough has appointed TCW to run its overhauled high yield bond fund.
Launched in 2004, the £20m strategy was previously known as the Marlborough High Yield Fixed Interest fund and had a European remit. It was outsourced to sub-investment manager Aberdeen and was managed by Adam Tabor and Ben Pakenham, who both moved to Polen Capital earlier this year.
Now with a global mandate, the strategy has been rebranded as the Marlborough Global High Yield Bond fund and £140bn asset manager TCW will manage the mandate, namely Brian Gelfand, Steven Purdy, Michael Carrion and Russel Higgins.
As part of the changes, the fund’s AMC for the P class units will be reduced from 0.75% to 0.60%.
Marlborough CEO Richard Goodall said: “The TCW team who will manage the fund have a wealth of experience in international bond markets and are supported by a wider fixed interest investment team of around 30 people. In addition, they will have the full range of TCW’s other resources to call on.
“At Marlborough we’re best known for our equity funds and multi-asset portfolios, but we have a great range of bond funds too. Our first fund, which launched nearly 40 years ago, was a fixed interest product, and we have ambitious plans to grow this side of the business by delivering first-class outcomes for investors.”
Bryan Whalen, CIO for Fixed Income at TCW, added: “TCW brings a multi-decade heritage of credit investing expertise across economic cycles, and we look forward to a strong collaboration that delivers TCW’s global expertise and rigorous credit underwriting to Marlborough’s clients.”
