Launch of Emerging Markets SRI Bond Fund
PRESS RELEASE
Launch of Emerging Markets SRI Bond Fund:
A unique collaboration resulting in an institutional SRI compliant Emerging Markets Bond Fund
The global investment management firm PIMCO and the Nordic insurance group Storebrand, are proud to jointly announce the launch of PIMCO Emerging Markets SRI Bond Fund. The fund is a diversified portfolio consisting primarily of fixed-income securities from issuers in emerging or developing countries that adhere to an institutional SRI (Socially Responsible Investing) framework. The fund is open to external investors. The fund is unique in terms of its structure and rigorous implementation of SRI principles.
"PIMCO is one of the world's top investment managers. Storebrand is a pioneer in SRI investing. Jointly, we have been able to create a unique Emerging Markets SRI Bond Fund that in the strictest sense fulfills the needs of institutional SRI investors aiming to gain exposure to Emerging Markets debt," comments Georg Skare Lund, Investment Director, Storebrand Kapitalforvaltning AS.
Today, assets managed according to SRI are already significant. Members of United Nation's Principle of Responsible Investments ("UN PRI") now represent in excess of USD 14 trillion in assets. With increased public and government awareness of global challenges such as environment and socioeconomic conditions, SRI is expected to continue to be increasingly important to investors. So far, investors have been challenged to find sophisticated SRI solutions in the Emerging Markets debt space.
"Environment, Social and Governance (ESG) issues are fundamental to long term investing. Knowing that business growth will be very strong within emerging economies going forward, it is important to adapt investments accordingly. The Storebrand Group has been active in the ESG/SRI space for 15 years. This initiative enables others to gain a globally diversified exposure towards Emerging Markets Bonds, while remaining compliant with strict ethical criteria", says Christine Tørklep Meisingset, Head of Responsible Investment Research at Storebrand Kapitalforvaltning AS.
The Emerging Markets Bond Fund is a diversified portfolio consisting primarily of fixed-income securities from issuers in, or economically tied to, emerging or developing countries. Assets may be denominated in US dollars or local currencies. The Fund is actively managed to maximise total return potential and minimize risk relative to the benchmark (JPM EMBI Global adjusted for SRI filter). All investments will adhere to an SRI framework defined by Storebrand and implemented by PIMCO.
"We are very pleased to have had the opportunity to team up with Storebrand, one of the most sophisticated SRI investors, in creating this SRI compliant Emerging Markets Bond Fund", says Joe McDevitt, Managing Director and Head of PIMCO's London office.
About Storebrand
The Storebrand Group is a leading actor in the Nordic market for life insurance, pensions and long-term savings. The Group consists of the following business areas: life insurance, asset management, banking, and P&C and health insurance.
In 2009, premium income and assets under management in excess of USD 4 billion and USD 64 billion, respectively. Storebrand currently has approx 2280 employees.
Storebrand Kapitalforvaltning offers extensive asset management services for institutional investors and the retail market, and manages both funds, hedge funds and other investment vehicles. For further information, please visit www.storebrand.no.
About PIMCO
PIMCO, founded in 1971, is a global investment management firm serving a full range of institutional investors worldwide. Once known primarily as a bond manager, PIMCO today provides an array of investment solutions across numerous asset classes with assets under management totaling in excess of USD 1 trillion worldwide[1]. Since its founding, PIMCO's mission has been to preserve and protect the assets of its clients, and to provide them with consistent risk-adjusted returns. PIMCO has offices in North America, Europe, Asia and Australia, and is owned by Allianz Global Investors, a subsidiary of the Munich-based Allianz Group, a leading global financial services company.
PIMCO's Emerging Markets Bond Experience
PIMCO has been managing emerging market debt since the early 1990s and is one of the largest participants in this sector. It's well-versed and highly regarded global team of portfolio managers oversee more than USD129 billion[2] in emerging market assets, putting it in the forefront of information flows from developing countries.
Lysaker, 9 September 2010
For further information please contact:
Storebrand:
Georg Skare Lund, Investment Director, Storebrand Kapitalforvaltning AS,
georg.skare.lund@storebrand.no, +47 93403308 / Bjørn Erik Sættem, Communication Officer, bjorn.erik.sattem@storebrand.no, + 47 92045330.
PIMCO:
Anton Dombrovsky, Product Manager, PIMCO Europe Ltd.
anton.dombrovsky@de.pimco.com/ Shamillia Sivathambu, Press Officer, shamillia.sivathambu@uk.pimco.com, +44 (0)20 7408 8914