Camden Asset Management is an employee-owned firm based in Los Angeles, California, that specialises in investing in convertible securities primarily for institutional investors. Karyn West, Managing Director, Apostle Asset Management said Apostle is seeking products for our market that may offer lower volatility, liquidity and good excess returns.

“Convertible bonds are often overlooked and can be an orphan in portfolio management. Because of a scarcity of specialist management in this space, it creates an opportunity to generate alpha,” she said.

“The hedged convertible portfolio generally removes the equity exposure from the portfolio creating a pure credit play that can generally perform even when equity markets fall. A levered version offers an alternatives portfolio liquidity and good outperformance potential.” “There is also an argument for using long only convertibles in equity portfolios with equity-like returns but with lower beta to equity markets.”

John Wagner, Managing Partner of Camden said, “We are excited to be working with Apostle. Apostle has a tremendous track record of crafting and offering investment solutions for Australian investors’ needs. We believe our investment strategies offer significant benefits that Australian investors will find attractive.”

Ms West said: “Convertibles offer a good investment opportunity in the current environment and can play an important role in portfolios. They are a permanent piece in the capital structure for Corporates and are considered neither bonds nor equity but hybrid securities with features of both. This is a market that shows pricing inefficiency relative to the underlying stock and may be a source of cheap volatility to exploit. This approach will assist Apostle in delivering innovative solutions to its clients.”

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H20 was selected following a manager review and will exist within the same investment objective and portfolio architecture as the previous manager.

This mandate from Mercer Investments follows a $270m allocation from Colonial First State’s First Choice multi-manager funds in May.

Apostle Director of Sales, Richard Borysiewicz said the H20 investment approach was well regarded by Australian Institutional investors and a good fit with their investment objectives in the current environment.

“This is the third H20 mandate we have secured in Australia this year.  This is an extremely important development for us and one that we believe establishes the firm’s position in the local market.” 

Mr Borysiewicz said H20 is also attracting interest in offshore markets.

 “The AUM at H20 has reached A$ 3.1 billion in just 12 months with eight open-ended funds and ten mandates (three of these mandates are from Australia).  We look forward to announcing further investments in the coming months.”

H20 AM was launched in July 2010 by Bruno Crastes (CEO) and Vincent Chailley (CIO) (formerly with Amundi Asset Management) in partnership with Natixis Asset Management. With approximately 40 years of combined experience, the firm offers expertise in global fixed income, emerging bond & currency management and global macro alternative management.

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