] tapped SW Asset Management
as the new sub-advisor to the $25.7 million Forward International Fixed Income Fund
effective February 14. Newport Beach, California-based SW, an employee-owned company started by Drake
alums, will replace Pictet Asset Management
as sub-advisor. [SEC filing
On May 1, the fund will be renamed Forward EM Corporate Debt Fund
. The fund will invest at least 80 percent of net assets in fixed income securities of companies
in emerging market nations.
This marks SW's first sub-advisory relationship with Forward.
"Emerging market corporate debt is very common in the institutional space and mutual funds in Europe," said Forward Management CEO Alan Reid
. "There isn't a
dedicated emerging market corporate debt fund in the U.S. We see this as a good opportunity."
As for Pictet, Reid said: "They closed their emerging market debt product."
Forward, he added, continues to have a "very good relationship" with the Switzerland-based asset manager. Pictet remains a sub-advisor for some of Forward's other funds.
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