BBH Wins Full Service Mandate for UCITS Platform

U.S.-based investment manager Lord Abbett has selected Brown Brothers Harriman to provide full service support for its newly launched Irish UCITS platform, which is designed to provide non-U.S. institutions and non-U.S. resident investors with access to certain fixed income investment strategies.
By Jake Safane(2147484770)
U.S.-based investment manager Lord Abbett has selected Brown Brothers Harriman to provide full service support for its newly launched Irish UCITS platform, which is designed to provide non-U.S. institutions and non-U.S. resident investors with access to certain fixed income investment strategies.

As part of the platform support, BBH will provide passive currency administration, which is a low level of client-involvement FX product that offers rules-based hedging and/or overlay. The UCITS platform, entitled Passport Portfolios, is a fixed income fund range initially consisting of the Lord Abbett Short Duration Income, the Lord Abbett Strategic Income and the Lord Abbett High Yield funds. Since their launch in March, the funds have surpassed $250 million in inflows, and the funds will be marketed first in the U.K., Ireland, Netherlands, Denmark, Finland and Norway, and Lord Abbett expects other European markets to follow. The firm has designed the porfolio, which are listed on the Irish Stock Exchange, to appeal as broad a European investor and distributor base as possible.

“The fact that these funds reached this level of assets under management so quickly further underscores the effectiveness of UCITS as a vehicle to meet the investment needs of institutions and investors around the globe,” says Sean Pairceir, partner at BBH.

Joan Binstock, partner and chief operations officer at Lord Abbett, adds: “The launch of our UCITS platform is an integral component of our international growth strategy. Selecting the right service provider and partner was one of the most important decisions we made. In the end, it came down to BBH’s global enterprise and their track record of successfully servicing UCITS products for their clients.”

In addition to selecting BBH for fund services, Lord Abbett has also appointed London-based advisory firm Arbour Partners to support distribution of the portfolios in Europe.

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