Schroders To Add In High Yield Research
Schroder Investment Management is looking to hire one high-yield research analyst apiece for its offices in New York and London, according to Jack Davis, head of Schroders' 19-person global credit research team in New York.
Schroder Investment Management is looking to hire one high-yield research analyst apiece for its offices in New York and London, according to Jack Davis, head of Schroders' 19-person global credit research team in New York. The hires would add to the firm's existing two-person teams and are being made to support expectations of increased investment in the speculative-grade markets by U.K. managers.
Jeremy Cave, head of sterling fixed income investments at Schroders in London, said U.K. pension funds could allocate as much as 10% of their fixed-income mandates to junk bonds in a bid to find yield, as is typical among U.S. funds. Currently, only a minimal portion of the £9 billion in fixed income that Schroders manages for U.K. pension funds is in high yield. Cave pointed out that up until now, Schroders has lacked the high-yield resources to support investments in the asset class. The additions to high-yield research are being made to help the firm position itself to win those mandates.
In New York, the hire would join Wesley Sparks and Chris De Young. Sparks manages the North American high-yield portfolio, while De Young is Schroders' first dedicated high-yield analyst in North America and recently joined from AIB Capital Markets, where he covered autos, home building, general industrials and metals.
In London, the new hire will work with Adam Coudery and Anders Persson. Coudery, who is expected to start in June and joins from INVESCO, will manage the European high-yield portfolio. Persson has transferred from Schroders' investment-grade credit research team, where he covered telecom, media and technology for two years. The London analyst will report to Richard Brown, head of pan-European credit research.