General Motors Asset Management (GMAM), which has about $148 billion in assets under management, invests in structured credit. Its Promark Alternative High Yield fund has primarily bought CDO equity tranches.
GMAM will not say how much it has invested in structured credit, but the total figure is about $400 million. That could grow. GMAM has set up its Alpha portfolio to invest some of the money raised to fill its pensions gap. The structured credit strategy in Alpha targets an annual return of 250 basis points over Libor with as low volatility as possible.
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