Neuberger Berman launches hybrid debt fund for credit team

Fund seeded with $21m

Daniel Flynn
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Neuberger Berman has launched a corporate hybrid debt fund for credit portfolio managers Julian Marks (pictured) and David Brown.

The Neuberger Berman Corporate Hybrid fund is an Irish-domiciled UCITS fund and has been seeded with initial capital of $21m. Thew new product will aim to achieve alpha over the long term by investing in the corporate hybrid debt market at the early stages of its growth. Currently accounting for around 3% of euro investment grade credit indices, hybrid bonds issued by investment grade corporates have a higher yield than senior bonds from the same issuers, with euro-denominated issues currently offering an average yield of over 4%. The hybrid bond market is currently valued at $120b...

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