Market updates and sector developments

Janus Henderson is preparing the launch of a new fund that the firm says will complete its suite of securitisation-focused ETFs and enable it to invest in almost all of the US securitised market. The US$253.3bn asset manager filed a preliminary registration statement with SEC for Janus Henderson Securitized Income Exchange Traded Fund on Friday.

The new ETF’s objective is to “seek current income with a focus on preservation of capital”, the firm says. It will sit alongside three other securitisation-specific ETFs managed by Janus Henderson — one of which focuses on triple-A rated CLOs, one that invests in single-B to triple-B rated CLOs and one that focuses on MBS opportunities.

The vehicle is scheduled to launch in November. It will be managed by portfolio managers John P Kerschner and Nick Childs, both of whom are also responsible for Janus Henderson’s other securitisation ETFs.

In other news…

BMA, White Rock action announced

The Bermuda Monetary Authority (BMA) and White Rock Insurance (SAC) have jointly agreed to a course of action in the Supreme Court of Bermuda that will focus on pursuing maximum recovery for the (re)insureds impacted by the alleged fraud involving Vesttoo-related segregated accounts (SCI passim).

Both parties have agreed for the Bermuda Supreme Court to appoint Charles Thresh and Michael Morrison of Teneo (Bermuda) to act as joint provisional liquidators (JPLs) for White Rock Bermuda with respect to the impacted Vesttoo cells. The JPLs and the directors and management of White Rock Bermuda will bring their resources together to address the matter.

This action applies only to the impacted Vesttoo cells. White Rock Bermuda says it continues to operate in the ordinary course of business and this action has no effect on any other cells or White Rock Bermuda clients.Vesttoo, in turn, claims that the joint action is in violation of the automatic stay that began with its Chapter 11 filing last week (SCI 15 August).