Italian firm launches go-anywhere bond fund

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Italian firm Carige Asset Management has launched a flexible bond fund that is not benchmark constrained and can invest across different debt issuers.

Launched on the 1st January, the Carige Obbligazioni Cedola will be managed by Giovanni Tortorolo who already manages the Carige Breve Termine fund, previously named the Carige Monetario Euro fund.

The fund can invest in government, corporate, emerging market and high yield debt and is launched at a time when there is increased demand amongst investors for diversification and flexibility in an asset class that has been marked in the past year by record low yields.

Based in Genoa, the firm is the asset management arm of Italian bank Gruppo Carige and manages a total of €4.4 billion.

It has a record in managing absolute return funds, such as the Carige Total Return 1 fund and the Carige Total Return 2 fund, that have similarily off-benchmark exposure and can invest across asset classes.

The Carige Obbligazioni Cedola fund is domiciled in Italy and can be sold across Europe through its Ucits-compliant structure.