Ucits at a glance: Ucits begin recovery phase
April returns prove positive for Ucits funds as 85% of those listed in the Creditflux database have moved into the black after a rough March

Bankrupt Hertz runs out of gas with CLOs holding $245 million
CLOs hold $245 million of Hertz’ debt as the US-based car rental company drives into bankruptcy protection, with the coronavirus panedemic putting brakes on the Estero, Florida-headquartered's firm car rental operations

KKR takes covid-19 hit on flagship credit funds and lev fin
KKR took a 16% hit to returns on its alternative credit flagship funds amid the first quarter coronavirus downturn and a 13% loss on leveraged credit, taking these into negative territory for the last 12 months. The firm's private equity portfolio also slumped by 12%

Alecta partners with PGGM for SRT co-investments
Swedish pension fund Alecta has formed a co-investment partnership with PGGM to invest in significant risk transfers

On-site due diligence rules pose fundraising challenge
Stipulations in some fund limited partner bylaws dictating strict due diligence could pose a challenge for asset managers, sources say

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Frontier bankruptcy dials up pressure for 90 CLOs
Nine CLO managers hold $217 million of Frontier Communications’ debt across 90 CLOs, as the telecommunications company filed for Chapter 11 protection in the US Bankruptcy Court Southern District of New York

Silver lining: credit investors provided with lower entry points than Q4 2018
Oil shocks and the coronavirus outbreak, along with aftermath effects such as US Federal Reserve interventions and lockdowns, is providing credit investors with lower entry points than the Q4 2018 sell-off, say sources. Furthermore, an expected U-shaped rather than V-shaped recovery could provide a greater money multiple for opportunistic investments - if they can access them 

Axa IM launches SRT fund after record-breaking 2019
Axa Investment Managers says it has held a first close on a fund that invests in significant risk transfers

Credit Rendezvous: the outlook in 2020 across a dozen segments of the credit market
Welcome to the Credit Rendezvous, the first instalment of a regular feature published by Creditflux that tracks credit market dynamics in a dozen segments from investment grade, liquid loans, CLOs and CSOs all the way through to distressed debt. We view this as the meeting point for credit specialists across strategies to share their perspectives

Job opportunities with BNY Mellon: corporate trust group
BNY Mellon has released details of six vacancies

BlueBay adds hire from Schroders to bolster Swiss sales force
BlueBay Asset Management has added a hire from Schroders to deepen the firm’s presence in Switzerland

Schroders appoints deputy head for credit business
Schroders has hired to the newly-created position of deputy head of credit

UK charities join forces on hunt for ESG managers
Three UK based charities are joining forces in the hunt for a manager to oversee a £32 million ($41.6 million) portfolio with a strong focus on environment, social and governance (ESG) criteria as well as impact investing  

Texas pension appoints CIO
Teacher Retirement System of Texas has appointed a new chief investment officer, effective from January 2020  

Ucits at a glance: Ucits continue to chart a steady course

Ucits at a glance: ucits continue to chart a steady course

Investors increasingly see ESG as fiduciary duty, State Street survey reveals
North American investors are most likely to view ESG as a fiduciary duty, while European investors are driven by regulation, performance and reputational risk, according to results from a survey conducted by State Street Global Advisors

ESG integration is part of fiduciary duty, finds UNPRI
The United Nations Principles for Responsible Investment (UNPRI) report ‘Fiduciary Duty in the 21st Century’, published late last month, concludes that ESG is a source of investment value, ending debate that using ESG criteria might violate fiduciary duties.

ESG phenomenon leads to talk of incentive fee models
For asset managers that are diving into environmental social and governance (ESG) investment standards, an ugly truth is the lack of any standardised performance fees. But that could change as more investors begin picking and choosing allocations based on ESG rubrics.

Credit CIO Finch leaves GLG
Simon Finch has parted ways with Man GLG, according to market sources, ending an 18-month stay at the firm where he served as chief investment officer for credit

ESG education top priority for 42% of institutional investors, CFA Society finds
Global Institutional investors are increasingly adopting ESG into their investment decision making – but education on the topic and quality ESG data are needed to help them progress, according to a survey conducted by CFA Society in New York

Managers have leeway even after triggering key person event, finds Ropes & Gray
Almost all credit managers offer protection to investors that key employees will continue to manage the fund’s assets throughout its life, with 95% credit funds containing such "key person clauses". But that does not mean managers have their hands completely tied