Santander Asset Management is extending its alternative investment proposition with the addition of a trade finance fund.
The fund, which invests in short-term trade finance assets and is registered in Luxembourg, will receive an initial capital contribution of EUR 25 million from Banco Santander.
The fund is targeted at institutional investors and will be managed by Bertrand de Comminges, global head of Trade Finance Investment at Santander AM and member of its Illiquid Alternative Investments team led by Borja Díaz Llanos.
Its investment committee will have two independent members: Jean-François Lambert and Tom Jack.
The fund is the latest instance of synergies between Santander’s business areas and the collaboration between its Wealth Management & Insurance and Santander Corporate & Investment Banking (Santander CIB) divisions.
The fund’s highly diversified portfolio will span Europe, the US and Asia, consisting of over 350 companies and with individual losses capped at 10 per cent. Its average credit rating will be approximately BBB+ and it will have weekly exit windows.
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