Credit where it’s due: M&G integrates ABS
Having cash on hand in early 2009 served M&G’s ABS funds well. Like many investors active in the asset today, they gritted their teeth and held on as leverage washed out the system, to emerge as committed ABS evangelists. But unlike other ABS managers, M&G has been pushing the integrated approach, leavening credit portfolio returns with a sprinkle of asset-backed stardust. Owen Sanderson met Patrick Janssen and Richard Ryan to find out more.
By most measures, M&G is big in ABS. Some 13bn of ABS under management gives bragging rights, and a meaningful portion of the entire universe of European ABS (Barclays Capital research analysts say the world of vanilla cash ABS is about 525bn).
M&Gs approach is also a useful one,
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