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Lyxor and alternative asset manager Canyon partner to launch UCITS-compliant credit strategy fund

Thursday, April 04, 2013
Opalesque Industry Update - Lyxor Asset Management launched the Lyxor/Canyon Credit Strategy Fund, a UCITS-compliant vehicle designed to access Canyon Capital Advisors LLC’s event driven and credit-oriented strategies across a broad spectrum of asset classes. Canyon is partnering with Lyxor to bring the necessary scale, breadth and depth to implement the first UCITS strategy of this kind on Lyxor’s Alternative UCITS Platform.

The Fund is designed to provide diversified and differentiated exposure*:

• Diversified Exposure: The Fund has the ability to invest in certain special situation securities such as, but not limited to, select liquidations, high yield and distressed corporate bonds, equities, convertibles and agency residential mortgage-backed securities as opportunities warrant

• Differentiated Exposure: In many of the areas listed above, the buyer base is smaller (and spreads are wider) due to a combination of mandate restrictions, barriers to entry, and investment complexity

Founded in 1990 by Joshua Friedman and Mitchell Julis, Canyon is a leading alternative asset manager with over $21bn in assets under management**, 235 employees, and offices across Los Angeles, New York, and London. Canyon has a 23 year history investing across credit cycles, focusing on unconventional areas of the market that can be acutely mispriced but require specialized knowledge, sophisticated analytics, and transactional experience to achieve superior risk adjusted returns.

Friedman and Julis commented, “In this low yield environment, it is difficult for traditional fixed income investors to find attractive return potential with appropriate levels of downside protection. However, returns remain compelling for investors with the specialized expertise and flexible mandate necessary to access less conventional areas of the markets where capital has been less able to flow. We are selectively looking across our broad-based research platform for these types of investments that are attractive in the context of a UCITS strategy.”

The Fund will be available on Lyxor’s Alternative UCITS Platform in EUR, USD, GBP, as well as 4 other currencies upon investor request. Investors in the Fund will also benefit from the weekly liquidity and independent risk management provided by Lyxor.

With $11bn in assets under management, Lyxor’s Managed Account Platform gives access to approximately 100 managers, selected among the best in the industry. With the addition of weekly liquidity, unrivalled transparency and sophisticated monitoring features, Lyxor MAP addresses what Lyxor believes to be investors’ current key decision criteria.

* The Fund may use one or more total return swap transactions to get exposure to the underlying positions of its investment strategy.
** Canyon’s AuMs and employees include that of Canyon's affiliates and are based on information as of February 1st, 2013.

Lyxor Asset Management, a subsidiary of Societe Generale Group, was founded in 1998. With over 600 professionals worldwide, Lyxor manages close to $100bn* of assets across four performance engines: Alternative Investments, ETFs & Indexing, Multi-Asset Investments and Structured Investments.
* USD 99.1bn, equivalent to EUR 75.5bn - AuMs as of February 28th, 2013

press release


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