Castle Harbour Hires Regnier for Global Convertible Bond FundJohn Glover
Castle Harbour Securities LLP hired Damien Regnier, a former money manager at Deutsche Bank AG, to co-manage a new global convertible bond fund.
Regnier, who managed the DWS Invest Convertibles fund at Deutsche Asset & Wealth Management, will focus on investment-grade debt that won’t be benchmarked, according to an e-mailed statement from Castle Harbour. The firm, based in London and Bermuda, plans to put an initial 200 million euros ($256 million) into its new R&D - Pure Global Convertibles Fund, which will begin investing this year, it said.
“The timing of this move and the launch of a new convertible bond fund is good,” Regnier said in the statement. “Liquidity is back, U.S. interest rates are expected to slowly increase and the secondary converts market is quite cheap.”
Assets under management at DWS Invest Convertibles, now known as Deutsche Invest I Convertibles, peaked at 2.8 billion euros in September, before Regnier departed, from a post-crisis low of 759 million euros at the end of 2011, data compiled by Bloomberg show.
Regnier will run the new fund with a co-manager who hasn’t yet been named, according to George Morrison, an external spokesman for Castle Harbour.