Asset-backed securities

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Investing in a portfolio of asset-backed securities (ABS) provides exposure to a global asset class that we believe carries an attractive premium for complexity rather than additional credit risk. Our experienced team invests in a wide range of global asset-backed securities that benefit from a diversified pool of underlying collateral with strong investor covenants.

We have three ABS pooled funds – the Global ABS Fund, High Grade ABS Fund and the Liquid ABS Fund – which have been designed to meet differing risk/return and liquidity requirements. Our ABS capabilities can also be accessed on a segregated basis.


Focus on liquidity management: our funds have a high allocation to short-dated investments.

Diversification and high credit quality: the portfolios are highly diversified, with the majority of investments expected to have a credit rating of A or above (depending on the strategy).

Contractual cash flows: ABS offer structured and secured cashflows, which we believe enables investors to manage their cashflow requirements more effectively.

Bankruptcy and sovereign remote: the investor’s credit risk is related to the underlying collateral and is not related to the financial health of the originating bank or sovereign.

Insulation from interest rate risk: the floating-rate nature of the investments can mitigate the impact of interest rate rises.

Effective return-seeking component of an LDI strategy: may be used to help generate a return potentially above the funding cost of a swap or gilt-based hedging strategy.

Important notes:

  • With effect from 29 October 2021, we are restricting subscriptions from new shareholders and placing a maximum limit on subscriptions from existing shareholders into the Global ABS Fund. Please click here for further information.
  • With effect from 28 March 2022, we are restricting subscriptions from new shareholders and placing a maximum limit on subscriptions from existing shareholders into the High Grade ABS Fund. Please click here for further information.


ABS Fund snapshot

In addition, we also offer Secured Finance Fund strategies which seek to provide access to credit opportunities beyond the traditional investment grade space, without compromising credit quality and with the aim of minimising risk.

Fixed income team in numbers

  • 168 Fixed income investment professionals globally
  • 19years Average experience of fixed income team
  • £224.0bn fixed income assets

As at 31 March 2022. Assets under management (AUM) are represented by the value of cash securities and other economic exposure managed for clients.


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Important information

The value of investments and any income from them will fluctuate and is not guaranteed (this may be partly due to exchange rate fluctuations). Investors may not get back the full amount invested. Past performance is not a guide to future performance. 

Investments in bonds are affected by interest rates and inflation. For a full list of applicable risks, and before investing, investors should refer to the Prospectus or other offering documents. Please also refer to the fund profile, located under fund and strategy profiles, for the specific risks associated with these funds.

Specific risk for High Grade ABS Fund:

Where high yield instruments are held, their low credit rating indicates a greater risk of default, which would affect the value of the portfolio.

The Global ABS Fund meets the definition of covered funds under Volcker regulations.

Any losses in the fund will be borne solely by investors in the fund and not by BNY Mellon (including its affiliates); therefore BNY Mellon's losses in the fund will be limited to losses attributable to the ownership interests in the fund held by BNY Mellon and any affiliate in its capacity as an investor in the fund or as beneficiary of a restricted profit interest held by BNY Mellon or any affiliate.

Ownership interests in the fund are not insured by the FDIC, are not deposits, obligations of, or endorsed or guaranteed in any way, by BNY Mellon. Neither BNY Mellon nor any of its controlled affiliates (which includes the fund's general manager/ managing partner/ investment adviser), may directly or indirectly, guarantee, assume, or otherwise insure the obligations or performance of the fund or of any other covered fund in which the fund invests.

Investors should read the fund's offering documents before investing in the fund. Information about the role of BNY Mellon, its controlled affiliates, and their employees in sponsoring or providing services to the fund are described in the Volcker Rule section of the offering documents.