The US$155.4 million Fund, incorporated in the Cayman Islands, will invest its assets in subordinated notes issued by its subsidiary Fleming CBO I (Cayman) Ltd. in a portfolio consisting predominately of debt securities or loans issued by sovereign borrowers and emerging market corporates. About a third of the Fund is invested in US high yield fixed interest instruments. The geographical composition of the Fund is diverse with holdings in Latin America, Middle East, Africa, Asia, Emerging Europe, the Caribbean and the United States.
The portfolio of the Fund will be managed by Fleming Investment Management (FIM), the London-based investment arm of the Flemings Group. Flemings currently manages US$92 billion of funds world-wide of which $11 billion is invested in fixed interest securities and $12.7 billion in emerging markets.
Subscriptions are restricted to Qualified Investors only and may not be traded in lots with an initial value of less than U.S. $100,000.
Greg Wojciechowski, COO of The BSX said " We are delighted to welcome this innovative new Fund to The BSX. We hope this will be the first of many emerging market products to choose The BSX as their venue for listing."
Harry Wilken, Director of the Fund said "We have been extremely pleased with the efficient service provided by our sponsor, Matheson Investment Management (Bermuda) Ltd. and by The BSX in enabling the Fund to list in Bermuda. Through increased marketing efforts by the Exchange, and more importantly, by its member firms, there is no reason why an increasing number of funds and similar products from European and North American investment houses should not become listed on The BSX. "
The listing of the Fund was sponsored by Matheson Investment Management (Bermuda) Limited, a member of The BSX. Fund information, including the latest NAV, is available on the Bloomberg system under the ticker FLEMPLI OS
Further information about The BSX may be obtained by calling 1-441-292-7212.