Globally integrated research platform

The generation of excess returns for our fixed income clients is ultimately dependent on the quality of our investment research. To this end we strive to ensure that the depth and breadth of our research resources around the world are fully mobilised. With macroeconomic and credit analysts based in different geographical locations we emphasise a consistent and integrated global process that will provide output for the portfolio managers in the most practical and informative fashion possible.

Our macroeconomic research is aligned with the objectives of clients’ portfolios as the analysts work closely with portfolio managers and focus on fundamental structural research rather than short-term relative commentary. The objective of the analysis is not only to determine the most probable scenarios but also an assessment of the 'counterfactual' outcomes which assist in the efficient hedging of active portfolio positions.

With the objective of ensuring that the credit research presented to the portfolio managers is of a consistently high quality we have constructed a process that makes this research measurable and the individual analysts accountable. The Analyst Industry Portfolios are a distinctive tool aimed at providing the communication of clear and unambiguous views on issuers and industries. These are used in the same format across different geographical regions as well as across investment grade and high yield issuers. A similar process is used for securitized sectors where a fundamental approach emphasises loan-level analysis of cash flows, collateral and credit to identify opportunities. Globally, we have over 25 credit research analysts who are in turn supported by a number of research associates.