Our approach
Our high-conviction and long-term investment style results in focused portfolios for our clients. Extensive research leads us to a thorough understanding of individual positions; our global credit research team works closely with portfolio managers to allow the sector and company knowledge of the analysts to filter into portfolios.
Idea generation and collaboration is encouraged through our global, team-based approach. This collaboration extends beyond the bounds of the credit team to include connection with our multi-asset and macro, equities and global responsible investment teams. Together, we are able to integrate non-binding environmental, social and governance (ESG) considerations across our portfolios, as well as engage with companies.
By seamlessly connecting these teams we are able to create a robust and risk-aware framework. Portfolio construction sits at the heart of this as the asymmetry of returns in credit demands a systematic approach to security selection and portfolio allocation. We use portfolio construction to drive returns through the credit cycle.
Potential benefits
Downside protection
Protecting portfolios to the downside should be part of any credit investment process given the asymmetry of returns. Our proprietary risk allocation process focuses on downside protection. The integration of ESG factors into the process is another, non-binding, step we take to protect to the downside.
Key risks
Credit team

Colin Purdie
Chief Investment Officer, Liquid Markets

Caroline Hedges
Head of Credit

Liam Spillane
Head of Emerging Market Debt and Portfolio Manager, EM Local Currency

James Vokins
Global Head of Investment Grade Credit

Iain Forrester
Head of Global Buy-and-Maintain Credit

Rakesh Girdharlal
Head of Liability Driven Investment and Liquidity

Brent Finck
Global Co-Head of High Yield

Sunita Kara
Global Co-Head of High Yield
Need more information?
For further information, please contact our investment sales team.
Explore our credit range
Fixed income views
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Boxing clever: Portfolio construction in investment-grade credit
31 Mar 2023
Mark Miller and James Vokins explain how our portfolio construction process for investment-grade credit could benefit investors in the new market regime.
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Boom! Shake the gloom? Does China’s reopening mark a new beginning?
29 Mar 2023
China looks set for a rapid economic rebound in the first quarter after finally abandoning its zero-COVID policy. But will the recovery prove temporary as longer-term dynamics reassert themselves?
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The investment implications of peak fossil fuels
24 Mar 2023
Energy analyst Kingsmill Bond considers if peak fossil-fuel consumption has been reached and whether investors appreciate the implications.
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Climate adaptation and resilience: Preparing for a warmer, wilder world
22 Mar 2023
Millions of hours have been spent negotiating net-zero targets, but many human-led climate impacts are already locked in. Our credit and equities portfolio managers explain where they see opportunities in solutions providers that will help society adapt for the new reality.
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All change: Positioning for a new market regime and climate action in IG credit
17 Mar 2023
Justine Vroman and Tom Chinery discuss the opportunities in investment-grade credit to drive climate action.
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China, the Fed and fiscal buffers: What next for emerging-market debt
13 Mar 2023
While uncertainty around the US rate-hiking cycle is affecting appetite for emerging-market debt, discerning investors can still find attractive opportunities in 2023, say Aaron Grehan and Carmen Altenkirch.
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Gas versus renewables: Does natural gas have a future?
8 Mar 2023
The war in Ukraine has thrown up huge uncertainties around the role of gas in the energy system. Experts from our credit, ESG and real assets teams discuss the implications for traditional energy and renewables companies.
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What does the data say? Three charts multi-asset investors should know about
6 Mar 2023
We take a visual approach to explain what’s happening with bonds, equities and oil.
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Bank securities: Unloved, but why?
16 Feb 2023
Oliver Judd and Betty Sanchez Torres argue that despite a recovery in prices, banking sector securities continue to offer value so long as a deeper recession is avoided.
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Why fixed income, why now? Navigating a new era for bond markets
31 Jan 2023
Despite ongoing market volatility and geopolitical uncertainty, 2023 could bring attractive opportunities for fixed-income investors, says Barney Goodchild.
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Higher for longer: A new era for fixed income
26 Jan 2023
James Vokins and Chris Higham from our credit team believe the path of inflation will remain the central question for investors in 2023. Fixed-income investors should remain cautious until that path is more certain, but fundamental analysis can still uncover attractive opportunities.
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EMD outlook: Why 2023 could offer improved prospects as storm clouds lift
10 Jan 2023
After a bruising 12 months, our emerging-market debt team anticipates an improvement in the asset class’ fortunes in 2023 as declining inflation allows central banks to ease back on monetary tightening. But with many issuers still at risk of default, investors will need to tread cautiously.
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Focus on the fundamentals: The outlook for high yield in 2023
3 Jan 2023
Macroeconomic forces have been key drivers of performance in the global high-yield market in recent months, but 2023 is likely to bring a renewed focus on issuer fundamentals, say Sunita Kara and Brent Finck.
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Inflation, yield curves and energy prices: The outlook for buy-and-maintain credit
30 Nov 2022
Siddhartha Bhattacharyya, Iain Forrester and Matthew Raque from our buy-and-maintain credit team discuss the impact of the current environment on portfolios, where they are finding value, and how they are integrating these considerations in their net-zero plans.
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Nothing happened, twice: Addressing the key questions on recent volatility for sterling money market fund investors
10 Nov 2022
After the volatility that rocked UK markets in recent weeks, Alastair Sewell reflects on how this impacted money market funds and what’s next.
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The IMF/World Bank meetings in review: The key questions for emerging-market debt investors
2 Nov 2022
Pessimism was in the air at the recent IMF/World Bank meetings, with emerging markets looking vulnerable to a tightening of global financial conditions. However, their orthodox policy responses should put many countries in a stronger position to meet those challenges than previously, argue Carmen Altenkirch and Nafez Zouk.