First Western Capital bags sub-advisory mandate for new high yield fund in Canada

FWCM said the First Trust Advantaged Short Duration High Yield Bond Fund, launched on 20 May, is focused on providing tax-advantaged income to Canadian investors while limiting credit and duration risk.

The high yield bond fund has completed an initial public offering of CAD$84m and if the over-allotment option is exercised in full the gross proceeds will be over CAD$96m.

First Western Capital managing director, who oversees the firm’s high yield fixed income strategies Steven Michaels said that the short duration high yield strategy, with its high sharpe ratio, is uniquely positioned to enhance and complement its clients overall portfolios in the current environment.

First Western Capital Management (FWCM) is a provider of diversified fixed income and total return strategies to North American foundations, endowments, pension plans and other institutional clients.

FWCM is the institutional investment management subsidiary of First Western Financial, a financial services holding company.

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