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ESG-focused investment manager AUM ASSET MANAGEMENT is breaking new ground by launching the first insurance-linked securities fund with a Barbados captive insurer. ILS funds normally pair with Bermuda captives, but the Barbados Financial Services Commission has approved AUM’s ILS Ocean Fund making a US$10m equity investment in CAPSTONE REINSURANCE – the first time the regulator has licensed a fund to subscribe to the capital of a captive incorporated on the Caribbean island, according to AUM.