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ING IM hires convertible bond team from rival

ING IM hires convertible bond team from rival

ING Investment Management has hired the convertible bond team from Avoca Convertible Bond Partners, the group has announced.

The arrival of Avoca's Tarek Saber and Jasper van Ingen adds a new strategy to ING's fund range, with both managers having run the Avoca Convertible Select Global fund since April 2012.

Founded in 2002, Avoca Capital is a European credit investment manager which was acquired by KKR, a global investment firm with €68 billion in assets under management, in October 2013.

Convertible bond veteran Saber, who has 27 years' experience in this field and had led Avoca's convertible bond business, has been appointed as ING IM's investment team manager for convertible bonds.

Meanwhile, Van Ingen, who joined Avoca in 2010 and previously worked on Dutch pension group APG's COS hedge fund, will serve as senior portfolio manager for convertible bonds.

Commenting on the new arrivals and new fund offering, Hans Stoter, chief investment officer of ING IM, said: 'In the current investment environment we expect investors to focus on yield, lower volatility and limited draw down risk.'

'Convertible bonds fit very well within this environment and provide an excellent complementary strategy to our product suite.'

The Avoca Convertible Select Global I USD Acc fund returned 11.53% between its launch in September 2013 and the end of November 2014. Its benchmark, the Citi WGBI TR USD, fell 0.9% in US dollar terms over the same 14 month period. 

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