Lord Abbett has selected Brown Brothers Harriman (BBH) to provide service support that will include passive currency administration for the launch of their new UCITS platform.
The platform, Passport Portfolios, is a fixed income fund range that consists of the Lord Abbett short duration income, the strategic income and the high yield funds.
The funds have surpassed $250 million in inflows since March and will be marketed first in the UK, Ireland, Netherlands, Denmark, Finland and Norway with other European markets expected to follow.
BBH specialises in servicing cross border funds, which Joan Binstock, partner and COO of Lord Abbett, believes is a major factor in choosing BBH as the launch of the new platform is “an integral part” of Lord Abbett’s international growth strategy.
She added: “It came down to BBH’s global enterprise and their track record of successfully servicing UCITS products to their clients.”
“We’re delighted to work with them on this launch.”
Partner of BBH, Seán Páircéir, said: “Lord Abbett’s ability to grow its UCITS product so quickly is testament to the reputation they have built over the years as a successful U.S.-based asset manager.”
“We could not be more pleased that they selected to partner with BBH on their strategic initiative. Europe continues to be an integral part of our strategy, and we look forward to supporting them in all facets of their UCITS business."
