Northern Multi-Manager Emerging Markets Debt Opportunity Fund launches

By Toni Weeks

San Luis Obispo, Calif., Dec. 5 - Northern Trust Corp. has launched the Northern Multi-Manager Emerging Markets Debt Opportunity Fund, according to a press release.

The fund seeks total return through income and capital appreciation, according to the fund's prospectus filed with the Securities and Exchange Commission. Launched on Dec. 3, the fund invests at least 80% of its net assets in fixed-income securities that provide exposure to a blend of local and hard-currency emerging or frontier market issuers. It can also invest in emerging market corporate bonds.

"The emerging markets debt asset class has evolved over the past few decades, driven by improving fundamentals, structural changes and increased investor interest," Chris Vella, chief investment officer of Multi-Manager Solutions, said in the release.

"Our fund intends to capture diverse sources of return from emerging markets debt, including local and external currencies, and sovereign, quasi-sovereign and corporate issuers.

"This style provides investment managers with the broadest opportunity set to invest in and allows for expanded alpha potential in their sector and security allocation decisions."

Jessica K. Hart and Vella are the portfolio managers.

The ticker symbol is "NMEDX."

There is no sales load on purchases. A 2% redemption fee for shares redeemed within 30 days of purchase will apply.

Including management fees of 0.75% and taking into account the effects of an expense reimbursement agreement with the investment adviser, total annual fund operating expenses are expected to be 0.93%.

Stamford, Conn.-based Northern Trust Co. of Connecticut and Chicago-based Northern Trust Investments, Inc. are the joint investment advisers. BlueBay Asset Management LLP and Lazard Asset Management LLC serve as subadvisers to the multi-manager fund.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.