Barclays Capital launches managed CCO
UK investment bank Barclays Capital has launched a managed version of its Collateralised Commodity Obligation (CCO). Everest I will be released to institutional investors globally in partnership with CDO manager TCW Asset Management.
The new product signals a progression from the static investment of its December 2004 predecessor Apollo to continuous management and portfolio selection. The CCO portfolio is made up of commodity trigger swaps from a basket of commodities including base and precious metals and is to be managed by TCW Asset Management.
According to TCW director Claude Erb, the product is a way for investors to diversify their fixed income portfolios by taking an asset class with returns that are uncorrelated
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