Eaton Vance Starts Loan Fund Targeting Australian Investors
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Eaton Vance Corp., a manager of mutual funds, is starting its first Australian-domiciled fund that will invest in U.S. leveraged loans.
The fund will primarily buy floating-rate senior U.S. dollar loans pegged to the London interbank offered rate, Scott Page, Eaton Vance’s Boston-based director of bank loans, said at a briefing in Sydney. Australian investors transferring the income back into their own currency will receive Australian short-term money market rates, plus the yield premium from the loan investments, he said.