LONDON – January 7th 2019
TwentyFour Asset Management, the London and New York-based specialist fixed income investor, has announced a reduction in fees for the Monument Bond Fund (Monument), its flagship asset-backed securities (ABS) offering.
Effective January 7, the management fee on Monument’s ‘I’ share classes will be reduced to 60bp from 75bp, while the management fee on the ‘L’ share classes will be reduced to 35bp from 50bp.
The fund, which is run by TwentyFour partners Ben Hayward, Rob Ford and Aza Teeuwen, surpassed £700 million in net asset value in December 2018.
“The fee reduction for Monument Bond Fund reinforces our commitment to offer value for money to investors,” said Ben Hayward, Partner and Portfolio Manager. “We believe European ABS offers excellent relative value moving into 2019 as a result of spread widening across markets in late 2018. The fundamental performance and floating rate format of the asset class also is expected to provide improved protection from further volatility than more mainstream asset classes, at a time when two of the biggest risks facing the fixed income markets are rising yields and the tightening of monetary policy by central banks.”
Monument invests across European ABS markets and was the first ABS fund dedicated to the wholesale sector at its launch in August 2009.
TwentyFour Asset Management, a boutique of the Swiss-based Vontobel Group, manages over £14 billion for clients globally across its Strategic Income, Outcome Driven and Asset-Backed Securities strategies.