Marlborough has appointed leading international asset management firm TCW to manage its high yield bond fund, which has been given a new global mandate as part of ambitious growth plans for the company’s fixed interest range.

TCW, which has more than £140 billion* of assets undermanagement worldwide, has taken over from Aberdeen as the sub-investment manager. The fund, formerly IFSL Marlborough High Yield Fixed Interest, has been renamed IFSL Marlborough Global High Yield Bond to reflect the widening of its mandate from European to global.

Richard Goodall, CEO of Marlborough, said: “This is an exciting time for Marlborough, and we have ambitious plans for our high yield fund. TCW are a major international player, who have earned an outstanding reputation in the fixed interest arena, and we believe they’re the perfect partner to help us to turn our plans for the fund into reality.

“The TCW team who’ll manage the fund have a wealth of experience in international bond markets and are supported by a wider fixed interest investment team of around 30 people. In addition, they’ll have the full range of TCW’s other resources to call on. In our view, that’s a pretty compelling proposition.
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“At Marlborough, we’re best known for our equity funds and multi-asset portfolios, but we have a great range of bond funds too. Our first fund, which launched nearly 40 years ago, was a fixed interest product and we have ambitious plans to grow this side of the business by delivering first-class outcomes for investors.”

Bryan Whalen, Chief Investment Officer for Fixed Income at TCW, said: “We are incredibly pleased to partner with Marlborough given our shared commitment to developing exceptional investment products that produce superior risk-adjusted returns. TCW brings a multi-decade heritage of credit investing expertise across economic cycles, and we look forward to a strong collaboration that delivers TCW’s global expertise and rigorous credit underwriting to Marlborough’s clients.”

In addition to the introduction of the new global mandate, the fund’s annual management charge (AMC) for its ‘P’ class units will be reduced from 0.75% to 0.60%.

The TCW team managing the fund are Brian G. Gelfand, Steven J. Purdy, Michael R. Carrion and Russel Higgins. They have more than 70 years’ collective experience in fixed interest markets. Gelfand and Purdy are Co-Heads of Global Credit at TCW.

*TCW assets under management as at 31/12/2024.

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