Andy Aran, senior v.p. at Alliance Capital, has shifted from his role as head of credit research to become a portfolio manager in the firm's global bond group reporting to Doug Peebles. Aran trades places with Jack Kelley, who moves over to run credit research.
Aran, who had spent over 11 years as head of credit research, says the move gives both men an opportunity to expand their backgrounds. Additionally, Aran says the demand for global credit expertise is growing as credit investing is increasingly replacing currency speculation as a means of boosting returns in global fixed-income portfolios. This is due, in part, to the fact that there are now only four major currencies, and also because currency speculation is increasingly frowned upon by central banks and institutional investors while the credit markets in Europe and Asia are expanding. Kelley declined comment, and Peebles did not return calls.