CPR Asset Management, the €25bn manager that is part of the Amundi group, is understood to be preparing a global equity version of its existing European equity CPR Silver Age fund, to launch in early 2015 as part of its push to attract a broader set of investors.
The launch follows marketing activity being ramped up through the last quarter of 2014, which is intended to further raise the profile of the manager in key European markets such as Belgium, Switzerland, the Nordics, Germany and Spain.
Along with a rebrand and pending advertising campaign, the manager launched a Luxembourg Sicav on 29 August. This will allow investors to access French FCP products via a master feeder structure.
Following continued growth in net sales over the past two and a half years or so, the decision has been taken to push CPR to a position whereby it would be able to service additional client segments beyond its historical core of institutional and corporate clients – the latter including both treasury and pension clients.
CPR is now looking to broaden its distribution into client segments such as private banks and family office, as well as into tied agents and other distributors. Figures published online suggest that institutional and corporate make up about 75% of its business by client breakdown. Distributors make up about a fifth of clients. By asset type, the business is some 35% focused on money market, with 24% in fixed income, 21% in equity, and 20% in global balanced assets. CPR also lists areas such as cash management and convertibles as core areas of competency.
The push via the Sicav will initially focus on existing strategies such as Silver Age, which offers a thematic approach to equity investing, based on a universe of some 200 equities constituting companies tending to the burgeoning demand for products and services for the over 65s.
The manager will also be seeking to highlight what it feels are its differentiating factors against other providers, such as avoiding a ‘star manager’ approach, and ensuring enduring levels of communication between equity and credit teams.
It is understood that the manager is likely to focus any initial efforts to attract talent with an eye to complementing existing strategy expertise, rather than buy in entire teams outright. However, as it moves further away from its historic client base and FCP product base, it will be considering more pan-European products.