TwentyFour Asset Management, a U.K. fixed-income manager, is
offering its first U.S. fund with the help of Dallas-based
distributor American Beacon.
The firms entrance in the U.S. market comes two years
after the asset management arm of Vontobel, a Swiss private
bank, acquired the business and pledged to extend the British
fund managers international reach. Mark Holman, chief
executive of TwentyFour, said in an interview that the
Securities and Exchange Commission has approved its American
Beacon TwentyFour Strategic Income Fund for sale starting April
The barriers to entry to other international markets
can be taken down by entering into a partnership, he
said, referring to the firms relationship with American
Beacon. The real positive has been overseas distribution.
Vontobel has a big presence in the U.S. through its U.S. asset
The American Beacon TwentyFour Strategic Income Fund, which
sits in a multi-sector bond category, will be the U.S.
equivalent of the firms global unconstrained fund,
according to Holman. U.S. investors will be offered discounts
on the fees for investment blocks larger than $250,000, the
firms filing with the SEC shows.
The U.K. version of the fund has been part of the reason for
the groups rapid growth in Europe. TwentyFour Asset
Management has grown from a start-up boutique in 2008, when the
global financial crisis on Wall Street was intensifying, to a
niche manager with more than £9 billion (about $11.3
billion) in assets.
Holman, who previously worked at Barclays Capital, Lehman
Brothers and Morgan Stanley, says TwentyFours
acquisition by Vontobel didnt change the firms
culture of performance comes first.
Under the deal, announced in March 2015, Vontobel bought a
60 percent stake in the British fund manager. TwentyFours
partners and employees kept 40 percent of the business, but
agreed to be sell their stake to Vontobel over the
When we went into the partnership with Vontobel, we
wanted to remain a stand-alone boutique, but we now have a
bigger institutional backbone and supervisory board, said
Holman. There are five seats on that board, and two of
them are from us.
Vontobels New York operation, Vontobel Asset
Management, was founded in 1984 and now has some $32.8 billion
in assets, according to the companys website.
TwentyFours distribution partner, American Beacon,
lists on its
website several large fund managers as its sub-advisors,
including Pacific Investment Management Company, Man GLG and
Templeton Investment Counsel. American Beacon didnt
immediately provide comment.