Insight Investment, the London-based asset management arm of Halifax Bank of Scotland with over £71 billion in assets under management, has created a dedicated high-yield team with the hire of Aengus McMahon, senior credit analyst at Henderson Global Investors in London, and Craig Abouchar, high-yield portfolio manager at ING Investment Management in The Hague.
"With Craig and Aengus we are initiating dedicated involvement in high-yield as part of a new range of products focusing on higher alpha," said Andy Evans, head of credit research at Insight Investment, pointing out that the firm is by no means new to high-yield and already runs retail funds with a heavy high-yield component. He noted that pension funds and insurance companies are increasingly focused on asset-liability management and capital efficiency in their core investment approach, but are simultaneously looking for value-added in higher alpha strategies around that. "The market is polarizing, with asset managers needing to offer ALM solutions on the one hand, and alpha from multiple sources on the other," he continued.
Evans declined to comment on what new high-yield funds might be added, saying that Abouchar would be formulating the product offering and defining the target markets together with Insight's marketing team once he starts at the firm in September.
Abouchar, who has eight years of experience in the industry, joins as high-yield credit fund manager, reporting to Lucy Speake, co-head of credit management. At ING, Abouchar reported to Rob Drijkoningen, head of emerging markets and high-yield. Drijkoningen was on vacation and could not be reached. Hans Stoter, high-yield fund manager in ING's Atlanta office, said he will transfer to The Hague in early October to replace Abouchar. No replacement is planned for Stoter in Atlanta, as his move to Europe was foreseen at the time of his joining the high-yield team there.
McMahon, with 14 years of experience in the credit markets, joins Insight as senior high-yield credit analyst and reports to Evans. At Henderson, McMahon reported to William Nicoll, head of corporate credit. Nicoll did not return calls.
