Forward Funds [see profile] tapped SW Asset Management as the new sub-advisor to the $25.7 million Forward International Fixed Income Fund effective February 14. Newport Beach, California-based SW, an employee-owned company started by Drake and Pimco alums, will replace Pictet Asset Management as sub-advisor. [SEC filing]

On May 1, the fund will be renamed Forward EM Corporate Debt Fund. The fund will invest at least 80 percent of net assets in fixed income securities of companies in emerging market nations.

This marks SW's first sub-advisory relationship with Forward.

"Emerging market corporate debt is very common in the institutional space and mutual funds in Europe," said Forward Management CEO Alan Reid. "There isn't a dedicated emerging market corporate debt fund in the U.S. We see this as a good opportunity."

As for Pictet, Reid said: "They closed their emerging market debt product." Forward, he added, continues to have a "very good relationship" with the Switzerland-based asset manager. Pictet remains a sub-advisor for some of Forward's other funds.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE