Mandates & RFPs

Austrian asset manager wins UCITS-compliant mandate

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Austrian asset manager, Ithuba Capital, has won a $424 million (€325 million) mandate from Germany’s second largest public insurance company, Provinzial NordWest.

The assets, which are in a special closed ended UCITS-compliant structure, will be run in a sovereign credit portfolio within the European periphery as well as Eastern Europe. The asset manager received the first tranche of the investment in June and the latest one of $195.7 million (€150 million) in November 2012.

Peter Bichl, head of global distribution at Ithuba, says: “This new mandate has very strong synergies with our existing macro fund as it directly takes