AllianceBernstein has launched two new funds, with one of them focused on the European market.
The AB European Corporate Bond Portfolio, which will be managed by Scott DiMaggio and Bernd Wuebben, along with Jamie Harding, will invest in investment-grade corporate bonds denominated in euros. The firm’s second launch – the AB USD Corporate Bond Portfolio – also invests in investment-grade corporates and is denominated in dollars.
Both funds will be domiciled within Luxembourg. However, they are also registered in Switzerland, France, Germany, Italy, Netherlands, Switzerland, United Kingdom, Belgium, Finland, Norway, and Sweden.
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DiMaggio, fund manager and head of fixed income at AllianceBernstein, said: “We believe that we can offer superior returns using our factor-based quantitative analysis, which has been part of our DNA since 2004. Leveraging this excellent analysis, along with our trade execution technology and implementation of Artificial Intelligence (ABBIE), developed over the past two decades, allows us to offer innovative products and differentiated sources of return for the market and for our clients.”
DiMaggio joined AllianceBernstein as a quantitative analyst after qualifying from the State University of New York and Baruch College, also New York. He has been with the firm since 1999 after a two-year stint at Santander.
More recently, DiMaggio wrote in a note for AllianceBernstein that he saw opportunity for global bonds in the European area, stating: “We expect curve steepening and see attractive levels, as the ECB has signalled that a start to rate cutting is on the horizon.”
He also wrote that the firm believed that the ECB, along with the Bank of England, would cut rates before the US Federal Reserve by up to 100 basis points before the end of the year.