Payden & Rygel announced Monday that it had started a derivatives-based global equity fund for institutional clients in Europe.
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The Los Angeles investment manager, which has $55 billion of assets under management, is to list the fund in Ireland. It is to be offered to institutional customers for inclusion in pension plans.
The portfolio will use a mix of derivative instruments like futures and forwards rather than underlying cash equities to earn returns for investors. Payden has traditionally specialized in fixed-income products for institutional clients.
