Nationwide Forging Ahead With Pair of Flexible Fixed Income Funds

Worries over potentially higher interest rates ahead are causing consternation in the domestic bond market. That is why Nationwide is launching a pair of global fixed-income funds today that will offer investors the opportunity to diversify their bond exposure internationally. 'We can find interest rates that are higher in other markets, or where easing will take place in other markets where there is a total return opportunity,' said Mike Spangler, president of Nationwide Funds. Amundi Smith Breeden will subadvise the Nationwide Amundi Global High Yield Fund (NWXIX) and the Nationwide Amundi Strategic Income Fund (NWXEX). Amundi Smith Breeden in Durham, N.C., serves as the North American investment headquarters for Amundi, a $1.1 trillion global asset manager with six investment centers across the U.S., Europe and Asia. Nationwide currently manages 118 funds with approximately $58.1 billion in assets, excluding fund of funds. According to Spangler, the Nationwide Amundi Global HighYield Fund will go beyond just U.S. high yield to include exposure to the high-yield debt markets in Europe and the emerging markets. TheStreet's Gregg Greenberg has details from New York.