Our approach
As the asset management business of one of the UK’s largest insurers, fixed income is in our DNA. Our experience spans across fixed income, from developed to emerging markets, investment grade to high yield and liquidity strategies. In addition to pooled strategies, we offer bespoke solutions to cater to individual client needs.
Our insurance heritage makes us a natural partner for clients looking for consistent returns and enhanced capital preservation through market cycles.
Fundamentally driven
Investment ideas are driven by in-depth research across regions and sectors, supported by multi-disciplinary teams across asset classes to deliver robust client outcomes.
Robust portfolio construction
We believe a disciplined portfolio construction process can be an independent source of alpha.
Actions that unlock value
We seek to enhance long-term value creation by incorporating ESG considerations* and engaging with organisations to inform investment decisions and drive positive change.
*The investment manager always applies the Firm’s Baseline Exclusions Policy and any specific constraints within a prospectus or IMA, but any other ESG factors or risk considerations are adopted at the manager’s discretion.
Potential benefits
Focused portfolios
Aggregating firm-wide expertise to gain a holistic picture of the issuers we invest in.
Resilient risk-adjusted returns
Active management of risk can help generate smoother returns and alpha uncorrelated to the benchmark
Building in responsibility
The investment approach aims to future proof portfolios against by assessing sustainability risks alongside other risk factors.*
Our fixed income capabilities
Key risks
Investment risk
The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested.
Credit risk
Bond values are affected by changes in interest rates and the bond issuer's creditworthiness. Bonds that offer the potential for a higher income typically have a greater risk of default.
Fixed income team
Liam Spillane
Head of Emerging Market Debt and Portfolio Manager, EM Local Currency
Iain Forrester
Head of Global Buy-and-Maintain Credit
Rakesh Girdharlal
Head of Liability Driven Investment and Liquidity
Sunita Kara
Global Co-Head of High Yield
Oliver Judd
Senior Research Analyst – Financials Sector lead
Edward Hutchings
Head of Rates
Barney Goodchild
Head of Credit and Equity Investment Specialists
Fixed income views
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Bond Voyage: A journey into fixed income
9 Dec. 2024
This month, we explore how US Treasuries are taking a breath, why 2025 could be the year of carry for high yield, what increasing dispersion means for emerging markets, and how surging M&A activity could affect investment-grade bonds.
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From tactical to strategic: Investing in emerging-market hard currency debt in your fixed income portfolio
18 Nov. 2024
Investors should consider EMD hard currency for a long-term strategic allocation within fixed income portfolios to boost portfolio returns, rather than just a short-term tactical play.
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Bond Voyage: A journey into fixed income
4 Nov. 2024
This month, our fixed-income investment teams discuss US elections, IMF meetings, US versus European high yield, managing declining rates for cash, and what the future might hold in store for gilts.
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Power play: Why political risk matters for emerging-market debt investors
11 Oct. 2024
In this article, we explore why measuring and continually monitoring geopolitical risks is essential for investors in EM debt.
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Bond Voyage: A journey into fixed income
10 Oct. 2024
In our October edition of Bond Voyage, our fixed-income teams reflect on US elections, US rates, France’s slide towards the periphery of EU issuers, and ESG considerations in Asia.
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Multi-asset allocation views: Where next for markets after the summer storms?
9 Oct. 2024
Volatility returned to markets in the third quarter of the year. While the short-term drivers are not unduly worrying, Sunil Krishnan argues multi-asset investors will need to be watchful over the medium term.
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Bond Voyage: A journey into fixed income
16 Sep. 2024
This month, we discuss the books that inspired our investment teams over the summer.
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Standing tall: Three factors behind the resilience of emerging-market debt
13 Sep. 2024
In this article, we explore what’s behind emerging markets’ impressive performance in the face of global economic volatility, and investigate how EM debt investors can take advantage.
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An ABS renaissance? Why it may be time for insurers to reconsider asset-backed securities
2 Sep. 2024
Securitisation performs a vital role in capital markets and asset-backed securities have historically been a core holding for insurance companies. This article revisits the investment thesis for ABS and explores why the stage may be set for something of a renaissance.
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Bond Voyage: A journey into fixed income
9 Aug. 2024
In this summer edition of Bond Voyage, we discuss topical themes in liquidity, emerging-market debt, investment-grade credit and global sovereign bonds.
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Time to get active: Finding opportunities in emerging-market debt
30 Jul. 2024
Emerging markets have remained robust amid the economic and political uncertainties of 2024, but active management will be important if debt investors are to identify standout performers over the coming months.
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Riding the technical tailwinds: The outlook for investment-grade credit
25 Jul. 2024
Credit markets have had a comparatively easy ride so far in 2024, and investment-grade corporate spreads are now at some of their tightest levels for a long time. But investors must guard against complacency.
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Liquidity optimisation for insurers: Building a bespoke portfolio solution
9 Jul. 2024
In the third part of our liquidity optimisation series, we look at how bespoke liquidity portfolios that take into account the interplay between different assets can suit the needs of insurers.
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The difficult last mile: Inflation, Treasury supply and the outlook for global sovereign bonds
4 Jul. 2024
With the focus shifting from interest rate cuts to the likelihood of rates staying higher for longer, Steve Ryder and Daniel Bright assess the possible outcomes and implications of higher rates and monetary policy divergence in debt markets.
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Bond Voyage: A journey into fixed income
2 Jul. 2024
In a special European Championships edition of Bond Voyage, we discuss topical themes in liquidity, emerging-market debt, investment-grade credit and global sovereign bonds (with a little help from Cristiano Ronaldo and Kylian Mbappé).
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A bigger splash: How much liquidity do I need?
1 Jul. 2024
The importance of holding liquidity is well understood by large institutions. But how much is enough? In the first part of our new article series on liquidity optimisation, Alastair Sewell investigates the key considerations for different investor types.