SAXO BANK
Hedge Fund Consistency Index, Hedge Funds Research
Hedge Fund Consistency Index  
Midwest Office:
641-472-7373 Ext.112
News Books Scholarly Definitions


FREE ACCESS!
Subscribe for
Free Access
to over 4000+ pages of Profiles and Top 20 Rankings. No obligation ever.

User Name:

Password:




Fixed Income Arbitrage Related News
 in chronological order

 See also: Fixed Income Arbitrage Related Books, Fixed Income Arbitrage Related Scholarly Papers, or Fixed Income Arbitrage Home Page.

Table of Contents:
 

Fixed income the new target as markets come back to life

June 30, 2006
From eFinancialNews.com:
 Six months of depressed prices and recapitalisations have led to signs of life in the credit market, to the extent that the interesting question now is, who isn't investing in fixed income?

 Source                                                                                                 ▲ top
 

SAC Shuts Sigma Debt Unit, Cuts Fixed-Income Trades (Update1)

June 27, 2006
From Bloomberg:
 SAC Capital Advisors LLC, the hedge- fund firm run by billionaire Steven Cohen, is shutting the debt business of its Sigma Capital Management LLC unit as part of broader bond-trading cutbacks, according to two people with knowledge of the decision.

The firm, which oversees $16 billion, will close the business on June 30, eliminating about eight employees, said the people, who asked not to be identified because the move hasn't been made public. Mark Davies, hired from Bear Stearns Cos. in 2007 to expand SAC Capital's fixed-income investing, is leaving the company.

Source                                                                                                 ▲ top
 

Calyon appoints deputy head of fixed income

April 30, 2006
From FinanceAsia.com:
 Calyon has announced the appointment of Arnold Kan as deputy head of fixed-income markets for Asia ex-Japan.

Kan will be based in Hong Kong, and oversee fixed-income market sales activities to new geographies and customer segments within the region. He will report to Frédéric Lainé, head of fixed-income markets for Asia ex-Japan. Lainé, who was promoted to this new role in February, is responsible for overall business development and strategy in Asia ex-Japan for interest rate derivatives, foreign exchange, commodities, debt and credit markets, structured credit markets and treasury.

 Source                                                                                                 ▲ top
 

BNP may cut less than 30 fixed income staff-source

April 25, 2006
From Reuters:
 BNP Paribas SA (BNPP.PA: Quote, Profile, Research) may lay off less than 30 fixed income employees if talks about their possible redeployment to other businesses fall through, a source familiar with the matter said on Friday.

France's biggest listed bank said in a statement: "Like many in the current market conditions, we are reviewing resource levels in selected areas of fixed income and as a result may have to make redundancies in our credit activities."

 Source                                                                                                 ▲ top
 

Calyon names fixed-income chief for Asia ex-Japan

April 14, 2006
From Reuters:
 Calyon has appointed Frederic Laine to the newly created role of head of fixed-income markets for Asia excluding Japan, the corporate and investment banking arm of French bank Credit Agricole (CAGR.PA: Quote, Profile, Research) said on Monday.

Laine most recently headed fixed-income, currencies and commodities for Asia ex-Japan at Calyon. He will now overlook two more product lines -- foreign exchange and treasury -- in addition to interest rate derivatives, commodities, debt and credit markets and structured credit markets.

 Source                                                                                                 ▲ top
 

Currency replaces fixed income

April 14, 2006
From Financial Standard:
 Currency investing could be the next big thing as more investors use foreign exchange managed funds as an alternative to fixed income funds.

Morgan Stanley’s London-based currency expert Alex Davey was in Australia this month to talk about the group’s newly-launched FX Alpha fund range. The funds, Alpha and Alpha-plus, were launched in the US and Europe more than a year ago. They were launched in Australia in January this year, denominated in Australian dollars. Overall, Morgan Stanley already manages US$9 billion using the fund’s strategy.

 Source                                                                                                 ▲ top
 

Aberdeen adds to fixed income Core

April 4, 2006
From Financial Standard:
 Aberdeen Asset Management has created a fixed income fund that goes beyond traditional fixed income investing to generate higher alpha returns.

The Aberdeen Core Plus Fund is actively managed across domestic bonds but included exposure to uncorrelated investments in global credit, emerging market debt, high yield and currency and interest rate derivative strategies.

 Source                                                                                                 ▲ top
 

Algebra to launch two new fixed-income funds

April 1, 2006
From Trade Arabia:
 Algebra Capital Limited, a Dubai-based fund manager partly owned by Franklin Resources, plans to launch two new fixed-income funds within the next four to six weeks, its chief executive said on Tuesday.

The new funds will target both retail and institutional investors, Algebra chairman and CEO Ziad Makkawi said in an interview.

 Source                                                                                                 ▲ top
 

Lehman Brothers Net Falls 57% On Weakness in Fixed Income

March 18, 2006
From The Wall Street Journal:
 Lehman Brothers Holdings Inc. reported a 57% drop in fiscal first-quarter net income amid weakness in its fixed-income business, though results topped analysts' expectations.

That sent Lehman shares, which closed Monday at $31.75, up 12% in premarket trading to $35.46.

 Source                                                                                                 ▲ top
 

Citadel Hires JPMorgan's Edsparr To Head Europe, Fixed Income

March 17, 2006
From CNNMoney.com:
 Citadel Investment Group LLC said Monday it has hired Patrik Edsparr from JPMorgan & Chase Co. (JPM) to be its European chief executive and global head of fixed income, as the hedge fund operator looks to expand its presence in Europe as part of a global push.

Edsparr, based in London, had been on JPMorgan's executive committee and was the bank's global head of rates and foreign exchange, fixed income and exotics and hybrids. He also ran the bank's securitized products, proprietary trading and principal investment businesses.

 Source                                                                                                 ▲ top
 

Best Bets for Fixed-Income Investments

March 13, 2006
From BusinessWeek:
 Bonds are usually the boring part of an investors' portfolio, providing a steady but small income while stocks hog the spotlight.

Not lately. Not since worries about subprime mortgages triggered an international financial crisis.

Source                                                                                                 ▲ top
 

Online resource for fixed income

March 13, 2006
From The Financial Post:
 One of the less transparent segments of the financial services industry is the huge bond market. So it's worth noting that Perimeter Financial Corp. has launched a web site that gives investors live pricing and yield information on fixed-income securities.

Go here for a peak. The site uses market data supplied by CBID, Perimeter's electronic fixed income marketplace. The firm describes CBID as "Canada's only electronic, multi-dealer Canadian fixed income marketplace operated specifically for the wealth management marketplace."

 Source                                                                                                 ▲ top
 

Macquarie Bank's Funds Management Group to Acquire Majority Holding in Allegiance Investment Management

March 6, 2006
From The Earth Times:
 Macquarie Bank’s Funds Management Group, today announced it has entered into an agreement to acquire a majority holding in U.S. fixed income fund manager, Allegiance Investment Management LLC (“Allegiance”). Allegiance manages approximately $4.5 billion in a variety of high quality fixed income products. Financial details of the transaction were not disclosed.

Founded in 1988 and headquartered in Orange County, California, Allegiance is a boutique investment firm specializing in offering fixed income investment solutions to pension funds and individual clients through financial advisors and brokers.

Source                                                                                                 ▲ top
 

Merrill Promotes Gu in Europe, Says Psyllidis Quits (Update1)

March 6, 2006
From Bloomberg:
 Merrill Lynch & Co. promoted David Gu to become sole head of its European fixed-income department and said Dimitrios Psyllidis, who had served alongside him as co- head, will resign.

Gu, an 18-year Merrill veteran based in London, keeps his role as head of government-bond trading and foreign exchange, according to an internal memo sent today to employees of New York-based Merrill's trading and investment-banking division. He also continues to oversee electronic trading of fixed-income products, according to the memo, which was confirmed by company spokeswoman Danielle Robinson.

Source                                                                                                 ▲ top
 

Morning Market Update: Fixed Income Rallies as Equities Fall

February 28, 2006
From Canadian Economic Press:
 North American fixed income markets are up and equities are declining with yields on U.S. ten-year Treasury notes down 5.4 bps to 3.79% and Canadian 10-year CGBs down 3.2 bps to 3.79%. Futures on the Dow Jones Industrial Average are trading down 46 points to 12647. The Canadian dollar is down 0.40 cents to 1.0237 USD and the euro down 0.10 cents to 1.5113 USD.

Yields on two-year Canadian government bonds were down 4.8 bps to 3.01%, five-year yields down 4.2 bps to 3.36%, ten-year yields down 3.2 bps to 3.79% and 30-year yields down 2.1 bps to 4.16%.

 Source                                                                                                 ▲ top
 

UBS redefines fixed income

February 28, 2006
From Financial Standard:
 UBS takes a fresh approach to fixed income investment with a new product that delivers above market performance by diversifying across four of the firm’s fixed income funds.

The UBS Fixed Income Plus includes fully automated investment decisions and targets a return of two per cent above BBSW (Bank Bill Swap Rate or de facto cash rate).

Source                                                                                                 ▲ top
 

Aberdeen launches three fixed income funds

February 14, 2006
From Investment Week:
 Aberdeen Asset Management has added three fixed income funds to its offshore range.

Aberdeen Core Plus Sterling Credit, Index Linked Bond and Sterling Bond aims to outperform their relevant indices by up to 1.5% each year. The three portfolios have been seeded and will primarily be marketed to institutional investors.

 Source                                                                                                 ▲ top
 

State Street names 6 to top fixed-income jobs

February 14, 2006
From Reuters:
 State Street Corp's (STT.N: Quote, Profile, Research) money management unit said on Thursday it appointed six executives to top jobs as the company restructures its fixed-income unit after heavy losses at several funds last year.

The six men -- three are newcomers to State Street's money management unit SSgA while three are veterans -- were promoted after a string of top executives, including SSgA's former CEO, left the company in the last weeks and months.

 Source                                                                                                 ▲ top
 

Wachovia to Host a Fixed Income Investor Update

February 8, 2006
From FOX Business:
 Wachovia Corporation will host a Fixed Income Investor Update on Wednesday, Feb. 13, 2008, that will be available via live audio webcast beginning at 8:30 a.m. Eastern time. CFO Tom Wurtz will speak along with Chief Risk Officer Don Truslow and Treasurer Jim Burr.

The presentation, which should conclude at approximately 11:30 a.m., will be available through Wachovia's Investor Relations Web site at http://www.wachovia.com/investor. A replay will begin by approximately 1:30 p.m. Eastern time Feb. 13 until 5 p.m. May 13, 2008.

 Source                                                                                                 ▲ top
 

UPDATE: Lehman Names Andrew Morton To Run Fixed-Income Operations

February 5, 2006
From CNNMoney.com:
 Lehman Brothers Holdings Inc. (LEH) on Tuesday appointed Andrew Morton as global head of its fixed-income division. He replaces Roger Nagioff, 43, who is retiring less than one year after he was promoted to run what is typically Lehman's biggest revenue producer.

Nagioff, who was based in London, said he is leaving to spend more time with his family and eventually to set up his own money-management operation. Credit markets have been in a steep descent since his appointment last May, requiring him to commute at least twice a month between London and New York, he said.

 Source                                                                                                 ▲ top
 

No Risk means fixed income instruments

February 3, 2006
From MSN News:
 If you want to begin investing but are not ready to take any risk, you still have plenty of choices available in the market.

From your traditional bank fixed deposit, to fixed maturity plans (FMPs) of mutual funds there are a number of instruments to choose from. Since these instruments offer a fixed return on your investment, they are known as fixed income instruments.

 Source                                                                                                 ▲ top
 

China sovereign fund CIC seeks foreign managers for fixed income investments

January 31, 2006
From Forbes:
 China's sovereign fund, China Investment Corporation (CIC), is seeking foreign managers to help invest its fixed income allocations.

In an advertisement published on its website, CIC said that applicants should have more than six years of investment experience and work for companies managing fixed income assets of 15 bln usd or more.

 Source                                                                                                 ▲ top
 

Andrew C. Zimmerman Joins Haverford Trust Company as Vice President and Fixed Income Portfolio Manager

January 8, 2006
From Yahoo! Finance:
 The Haverford Trust Company, a privately owned investment management company, announced today that Andrew (Andy) Zimmerman, 39, has joined the firm as Vice President and Fixed Income Portfolio Manager. An industry veteran with 18 years of fixed income investing experience, Zimmerman will assist with the establishment and implementation of client asset allocation strategies, the development of fixed income positions, and periodic portfolio rebalancing. In addition, he will be responsible for cultivating relationships with financial advisors and supporting Haverford’s fixed income investment philosophy and process.

“The cornerstone of Haverford’s success is finding the best investment professionals that share our Quality Investing philosophy, to bring their own unique skills and experience to the firm,” says Joseph L. McLaughlin, President of Haverford. “Andy Zimmerman embodies that standard, adding valuable thought leadership to our Fixed Income team in strategic positioning and investment concepts.”

 Source                                                                                                 ▲ top
 

U.S. Fixed-Income Sales to Fall in '08

January 8, 2006
From The Houston Chronicle:
 Sales of fixed-income securities in the U.S. are expected to decline 15 percent this year, as markets continue to lick their wounds from last year's subprime mortgage turmoil, a major trade group said Tuesday.

Total issuance will fall to $3.4 trillion from the estimated $4 trillion in 2007, said the Securities Industry and Financial Markets Association, the largest trade group for the fixed-income markets.

 Source                                                                                                 ▲ top
 

2008 INSIGHT: Any fixed income prospects?

December 28, 2006
From IFAonline.co.uk:
 With interest rates reductions seemingly on the horizon and the full extent of the credit crunch not yet known, one of the hottest 2008 investor debates surrounds fixed income.

As uncertainty continues to encircle the sector, where do the experts expect to find fixed income opportunities?

 Source                                                                                                 ▲ top
 

New State Street bond chief has tough road ahead as fixed income losses drive investors away

December 27, 2006
From Financial Week:
 State Street Global Advisors announced new leadership to turn around its beleaguered active bond business, but consultants and lawyers say it’s too soon to predict when the manager will be able to put problems sparked by recent steep investment losses behind it.

In particular, consultants say three pending lawsuits against the firm over losses on supposedly conservative bond strategies will serve as a distraction to management, risking negative publicity as clients continue to seek explanations for what went wrong during the summer.

Source                                                                                                 ▲ top
 

Fixed income feels the pinch

December 20, 2006
From FinancialNews-US.com:
 Five of the world’s largest investment banks – Goldman Sachs, Morgan Stanley, Lehman Brothers, Bear Stearns and Merrill Lynch – lost $100bn (€68bn) of market capitalization in the second half of the year. Most of that pain – and its implications for the options and bonuses of the banks’ staff – has emanated from their fixed-income divisions.

It is no surprise then that heads have rolled. Many investment banks have placed new faces at the heads of their fixed-income teams with a mandate to better handle risk management and to take a more careful approach to profits. But the overhaul of management will not be a panacea.

 Source                                                                                                 ▲ top
 

Asia Day Ahead: Merrill May Cut Fixed-Income Bonuses (Update2)

December 18, 2006
From Bloomberg:
 U.S. stocks posted their biggest two-day drop in more than a month on growing concern the economy will slow. The dollar rose to a seven-week high against the euro as the current-account deficit narrowed to the smallest in two years. Merrill Lynch, the securities firm that reported a record third-quarter loss, told fixed-income managers to cut 2007 bonuses by an average of 40 percent, according to two people briefed on the matter.

 Source                                                                                                 ▲ top
 

Lehman profits slide amid fixed income hit

December 13, 2006
From FinancialNews-US.com:
 Lehman Brothers' profits fell 12% after it suffered a $830m (€566m) hit in fixed income trading in the fourth quarter despite a doubling of revenues from equities and a record performance in its investment management division.

Profits fell to $886m compared with the fourth quarter of 2006 following a 3% drop in revenues to $4.4bn.

 Source                                                                                                 ▲ top
 

UPDATE 1-BlackRock fixed income chief investment exec quits

December 13, 2006
From Reuters:
 BlackRock Inc's (BLK.N: Quote, Profile, Research) global chief investment officer for fixed income, Keith Anderson, is stepping down after nearly two decades at the firm to run his own investment fund, the company said on Thursday.

BlackRock, the largest publicly traded U.S. fund manager, named company veteran Scott Amero to succeed Anderson, who helped found BlackRock with Chief Executive Officer Laurence Fink.

 Source                                                                                                 ▲ top
 

Citi back on top in fixed-income research

December 7, 2006
From FinanceAsia.com:
 Once again, over the fall FinanceAsia conducted its annual fixed-income research poll, which is designed to reflect the outlook of Asia’s fixed-income investor community.

The poll aims to analyse market participants’ views on the Asian markets, views on credit-rating agencies, as well providing a forum to vote for the best borrowers and, of course, the banks that are best at producing credit research.

 Source                                                                                                 ▲ top
 

MOVES-ING Investment names Australia fixed income head

December 5, 2006
From Reuters:
 ING Investment Management said on Thursday it has appointed Greg Michel as new director of fixed income for its Australian operations.

Michel, who was manager portfolio management in the fixed income team, replaces James Wright who recently became chief investment officer in Sydney.

 Source                                                                                                 ▲ top
 

ABC of investing in Fixed Income

November 30, 2006
From Moneycontrol.com:
 The income fund I invested in returned only 5% last year. I would be better off investing in the fixed deposit of my neighborhood bank. I can get 9.5% for a one-year deposit. This used to be a familiar argument till some time back. Then came the FMPs – or the fixed maturity plans from mutual funds. These FMPs looked like Godsend for the mutual fund sellers. Why? Based on the interest rate scenario at the time of launch, the returns to the investor can be easily predicted. That gives a lot of comfort to the conservative predictability-loving fixed income investor. Let us explain this and that should start with an understanding of how fixed income instruments (and the fixed income funds) work.

Fixed income mutual funds, popularly known as income funds or debt funds, invest in debt securities issued by either the Government or companies, including banks. These debt securities are also known as debentures or bonds if the term is longer than one year, and treasury bills, commercial papers or certificates of deposit if the term is less than one year. The debt securities are obligations on part of the issuer to pay the principal and interest thereon as per an agreed time schedule.

 Source                                                                                                 ▲ top
 

Barclays Capital Gains Share Of Fixed-Income Trading

November 28, 2006
From The Wall Street Journal Online:
 Barclays Capital, the investment-banking arm of Barclays PLC, has reaped the spoils of a growth push after winning a more than 10% share of the institutional fixed-income trading market in Europe and matching rival Deutsche Bank AG, according to a survey by consultancy Greenwich Associates.

The survey, which polled more than 1,400 institutional investors active in European fixed income, found that Barclays and Deutsche Bank each have a 10.1% market share, ahead of Wall Street rival J.P. Morgan Chase & Co., which came in third place with an 8.3% share.

 Source                                                                                                 ▲ top
 

Recession Fears Send Investors To Fixed Income

November 23, 2006
From RTTNews:
 Worried about a recession? Then don't look at the treasuries, where the consensus is almost unanimous - we are heading for a slowdown, and investors are running for cover. Friday, the bond market saw its sixth consecutive multi-year closing high, demonstrating that fixed income is an increasingly popular place for investors to seek shelter from the economic storm.

The evidence that investors are fleeing to fixed income in the face of increasing economic concern is overwhelming. Since June, the yield on the benchmark 10-year note has plunged over 123 basis points. Over half (64 basis points) of the drop has taken place since October 16.

Source                                                                                                 ▲ top
 

Merrill's Asian fixed income head leaves - sources

November 20, 2006
From Reuters:
 Merrill Lynch's co-head of Asian fixed income has left the firm, sources familiar with the matter said on Wednesday, in a management shake-up that comes after the brokerage's earnings were badly hit by wrong bets in subprime mortgages.

Ranodeb Roy was gone from Merrill (MER.N: Quote, Profile, Research), one of the sources said, without citing a reason for Roy's departure.

 Source                                                                                                 ▲ top
 

SIFMA Fixed Income Conference Highlights Risk Management

November 19, 2006
From Advanced Trading:
 Given the credit market turmoil causing top firms to report multi-billion dollar losses, it’s not surprising that risk management was a major theme at the SIFMA Fixed Income Technology and e-Trading Conference last Thursday in New York. “Risk is much more important and front and center in our minds,” said Dexter Senft, managing director at Lehman Brothers, in his introductory remarks to the conference.

In looking at what impact the sub-prime mortgage mess is having on IT needs in the fixed income arena, Andy Nybo, senior analyst and head of research at The TABB Group predicted that, “Real-time risk management is going to become a reality on the trading desks for a lot of firms, though some firms aren’t there yet.”

Source                                                                                                 ▲ top
 

State Street Fixed-Income Investment Chief to Leave (Update2)

November 19, 2006
From Bloomberg:
 State Street Corp., the world's largest money manager for institutions, replaced the head of fixed income after several funds reported losses.

Paul Greff, leader of the fixed-income team at its State Street Global Advisors unit, is leaving, as is Michael O'Hara, head of active fixed income, the Boston-based company said today in a statement. Mark Marinella was named to the new post of chief investment officer for fixed income and will take over Greff's responsibilities, State said.

Source                                                                                                 ▲ top
 

Citi Reorganizes Its Capital Markets Group

November 13, 2006
From The New York Times:
 Citigroup’s embattled capital markets unit is regrouping under its new leader.

In a memo sent Tuesday, James Forese, Citi’s new head of capital markets, announced another round of changes that will organize the division more like its investment banking rivals. The heads of underwriting and sales will now oversee both fixed income and equities functions; previously, the debt and equities functions had been run separately. Read the memo after the jump.

 Source                                                                                                 ▲ top
 

Wells appointed CIO of fixed income at Fidelity

November 13, 2006
From Reuters UK:
 Andrew Wells has been appointed to the new post of chief investment officer of fixed income at Fidelity International.

Wells, formerly chief investment officer at Fidelity's Asian fixed income business, has been with the company 10 years and will now report to global head of fixed income and property Michael Gordon.

 Source                                                                                                 ▲ top
 

Henderson considers UK fixed income fund

November 5, 2006
From FT Adviser:
 Like its European predecessor, the UK version will run on a diversified portfolio with an absolute return mandate and will invest in a broad range of fixed income classes including emerging market debt and currency swaps.

It will be benchmarked against UK Libor – the interbank overnight lending rate – which it will aim to beat by at least 300 basis points.

 Source                                                                                                 ▲ top
 

Henderson considers UK fixed income fund

November 5, 2006
From FT Adviser:
 Like its European predecessor, the UK version will run on a diversified portfolio with an absolute return mandate and will invest in a broad range of fixed income classes including emerging market debt and currency swaps.

It will be benchmarked against UK Libor – the interbank overnight lending rate – which it will aim to beat by at least 300 basis points.

 Source                                                                                                 ▲ top
 

Fixed Income Analysts Society 2007 Hall of Fame Inductees: Margaret Cannella, S. Kenneth Leech, and Robert C. Merton

November 2, 2006
From Earthtimes.org:
 The Fixed Income Analysts Society, Inc., (FIASI) is pleased to announce the upcoming induction of Margaret Cannella of JPMorgan Chase, S. Kenneth Leech of Western Asset Management Company, and Robert C. Merton of Harvard University to the Fixed Income Analysts Society Hall of Fame on November 8, 2007, in recognition of their lifetime achievements dedicated to the advancement of fixed income analysis and portfolio management.

"Each inductee has left an indelible intellectual footprint on the fixed income profession" commented Mariarosa Verde, Managing Director at Fitch Ratings and FIASI President. "This award represents our collective gratitude and recognition for past, present, and future industry leadership."

 Source                                                                                                 ▲ top
 

Mirae Asset appoints Murthy Nagarajan, Head of Fixed Income

October 29, 2006
From Moneycontrol India:
 Mirae Asset Global (India) today announced the appointment of Murthy Nagarajan as Head of Fixed Income. Based in Mumbai, Murthy will be responsible for overseeing the investment and research function of the fixed in come portfolio of the asset management business.

Murthy's experience within the industry is expected to enhance Mirae Asset Global's core strengths and add tremendous value to the investment management capabilities of the India team. Murthy would be responsible for developing the overall investment strategy for the domestic fixed income portfolio while working closely with the regional investment management team members.

 Source                                                                                                 ▲ top
 

Brokers Burdened by Fixed Income

October 25, 2006
From Barron's Online:
 THE FOLLOWING PROVIDES A framework for comparing key operating metrics across the group of major brokers. We focus on the calendar year brokers (Merrill Lynch, Citigroup and JPMorgan Chase) that have now reported third-quarter results.

Capital-markets revenue for the calendar-year brokers was down 54% quarter-to-quarter, on average; this decline outpaced the November fiscal-year peer group (revenue down 18%, on average), reflecting both the magnitude of writedowns for the former and the strength of June for the latter.

 Source                                                                                                 ▲ top
 

SGAM names Marie-Anne Allier as deputy head of fixed income

October 22, 2006
From Thomson Investment Management News:
 Societe Generale Asset Management has promoted Marie-Anne Allier, current head of European bonds, to the position of deputy head of fixed income investments.

She reports to Eric Brard, head of fixed income and money market investments, and is responsible for the development and promotion of fixed income and money market investment management as well as the operational management of fixed income funds.

 Source                                                                                                 ▲ top
 

Fixed income instruments a must for any portfolio, volatile times call for reassessment of weightings

October 18, 2006
From cbc.ca:
 It's been a volatile year on stock markets and analysts think sharp swings could be a fixture for a while yet while the U.S. housing sector deteriorates and uncertainty surrounds credit markets.

It's also a good time to see just how much of your portfolio is committed to equities and look at its fixed-income weightings.

 Source                                                                                                 ▲ top
 

Citigroup’s Ybarro in sole charge of fixed income

October 15, 2006
From FinancialNews-US.com:
 A London-based banker has sole responsibility for Citigroup’s global fixed-income business following a shake-up ahead of its third-quarter results today.

The US bank said last week Randy Barker, co-head of fixed income, was leaving and fellow co-head Geoffrey Coley was moving to other duties. The departures leave Paco Ybarro in sole control of the division.

 Source                                                                                                 ▲ top
 

New Asian fixed income head at Pictet Asset Management

October 15, 2006
From Asian Investor:
 Pictet Asset Management, the institutional division of the Swiss private bank Pictet & Cie, has named Wee-Ming Ting as head of its Asian fixed income team in Singapore.

Ting oversees Pictet Asset Management’s Asian bonds group within the global emerging debt team headed by London-based Simon Lue-Fong.

 Source                                                                                                 ▲ top
 

Analysts' Recommended Equity and Fixed Income Allocations

October 8, 2006
From SeekingAlpha:
 Below we highlight the historical asset allocations for equities and fixed income recommended by analysts. Currently, the analyst consensus is to have a portfolio weighted 63.7% in equities, 25.7% in bonds and 9.5% in cash. Historically, analysts have followed the price of the S&P 500 in their equity recommendations.

In recent years, however, they have kept their equity weighting between 60% and 65%, even as the index has charged higher. They did a good job of decreasing their weighting prior to the summer selloff and have moved ever so slightly lower in recent weeks as the market has charged to new highs.

 Source                                                                                                 ▲ top
 

Downturn hits banks' fixed-income trading

October 5, 2006
From Telegraph.co.uk:
 For years, fixed income, the dull younger brother of the investment banking family, has brought home the bacon on an annual basis.

Not for its bankers the chunky fees from advising on global mergers or strategic investments.

 Source                                                                                                 ▲ top
 

Merrill says head of fixed income has left firm

October 3, 2006
From Reuters:
 The world's largest brokerage Merrill Lynch, which is expected to announce third-quarter losses in fixed income, said on Wednesday that Osman Semerci, global head of fixed income, currencies & commodities, has left the firm.

Semerci has been replaced by David Sobotka, who has been head of Merrill's global commodities business since 2004.

 Source                                                                                                 ▲ top
 

UBS expected to post big fixed-income loss: report

September 30, 2006
From CNNMoney.com:
 UBS, the Swiss bank, is expected to announce Monday a third-quarter loss of 600 million to 700 million Swiss francs ($510 million to $600 million) from its fixed-income unit, according to a published report.

The fixed-income loss would be announced before UBS's overall third-quarter results, which are due October 30, according to the Wall Street Journal, citing people familiar with the situation.

 Source                                                                                                 ▲ top
 

London & Capital Targets Institutions With European Alternative Strategies

September 28, 2006
From FINalternatives:
 London & Capital Investment Advisors plans a series of absolute return products under the brand name Loncap.

The Loncap funds, set to launch next week, will invest in the parent company’s existing suite of products and includes six funds encompassing the Conservative, Balanced and Growth Fund, which include the Global Fund of Hedge Funds and Global Fixed Income Hedge products.

Source                                                                                                 ▲ top
 

CSAM fixed income team makes two new hires

September 25, 2006
From Investment Week:
 Credit Suisse has strengthened its UK Fixed Income team with the appointments of Michael Leonard and Vicki Gedge.

Leonard has joined as a director and portfolio manager to the UK Fixed Income team while Gedge joins the European Credit Research team as a credit analyst.

Source                                                                                                 ▲ top
 

Fixed-income space buzzing with activities

September 24, 2006
From Sify.com:
 When equities are so compelling, does it make sense to talk much about debt funds? You may think that the answer is obvious.

However, let us just tell you that the seemingly lacklustre world of fixed-income funds is currently in a flux, marked as it is by the arrival of plenty of new products.

Source                                                                                                 ▲ top
 

New ETFs target muni bonds

September 23, 2006
From MarketWatch:
 The credit crunch hasn't stopped exchange-traded fund providers from launching new fixed-income products, including the first funds offering exposure to the fragmented market for municipal bonds.

Muni bonds are issued by states, cities and other local governments to raise money for projects such as schools, bridges, water systems or other initiatives.

Source                                                                                                 ▲ top
 

LA City drops passive core fixed income, looks to new strategies

September 17, 2006
From Pensions&Investments Online:
 Los Angeles City Employees’ Retirement System adopted a new strategy allocation for its $2.6 billion fixed-income portfolio.

The $11.1 billion association is eliminating its 12.6% investment in passive core, decreasing active core-plus by seven percentage points to 67%, and increasing short duration by one percentage point to 17% of the portfolio. At the same time, the association allocated $413.8 million, or 16%, of the portfolio, to new strategies that will be chosen later this year, said Robert Aguallo Jr., general manager. The new strategies could include absolute return. Consultant PCA will bring an investment plan to the board, Mr. Aguallo said.

 Source                                                                                                 ▲ top
 

Lehman Snags Fixed Income Title

September 17, 2006
From InstitutionalInvestor.com:
 After a week battling it out with JPMorgan, Lehman Brothers took first place overall for Institutional Investor magazine’s All-America Fixed Income Research Team rankings. Lehman had team 42 positions, followed by JPMorgan with 34, Banc of America Securities up two places from 2006 to third with 24, Bear Stearns & Co. down one slot to fourth with 23 and Credit Suisse and UBS tying for fifth with 16 each.

The survey ranks banking teams within six categories: investment grade, structured securities, municipal, emerging-markets, strategy & economics and high yield, the last which will be released Friday. Information was collected from 1,425 money managers and buy-side analysts at 480 institutions managing an estimated $8.5 trillion in U.S. fixed-income assets.

 Source                                                                                                 ▲ top
 

S&P Launches National Municipal Bond Index; Enters Fixed Income Index Space in the U.S.

September 11, 2006
From CNNMoney.com:
 Standard & Poor's, the world's leading index provider, announced today its entrance into fixed income indices in the U.S. with the launch of the S&P National Municipal Bond Index. The Index is part of Standard & Poor's strategy of reaching beyond equity indices and into other areas of the capital markets. The S&P National Municipal Bond Index is the first in a series of targeted U.S. fixed income indices that will be launched by Standard & Poor's.

"The launch of the S&P National Municipal Bond Index, Standard & Poor's initial entry into U.S. fixed income indices, will provide an investable index designed to support ETFs and other investment products in the municipal bond market," says David Blitzer, Managing Director and Chairman of the Index Committee. "As each of the constituents in the index are investable, the Index will provide investors with access to a market which is less liquid than its equity counterpart."

 Source                                                                                                 ▲ top
 

Schemes move to alternatives

September 11, 2006
From Global Pensions:
 Local authority pension schemes have reduced their allocation to fixed income and have diversified into alternatives, according to a new survey.

Fidelity International’s fourth annual local authority survey said local authorities have been decreasing their allocation to bonds over the last four years.

 Source                                                                                                 ▲ top
 

Riksbank's Nyberg says global fixed income woes won't spread to Sweden

September 5, 2006
From Forbes:
 A deputy governor of the Riksbank, Lars Nyberg, said he does not expect the unrest on the international fixed income markets to spread to Sweden.

'I do not think there is much risk of this. One important reason is that the Swedish banks have not to any significant extent transferred the loans out of the balance sheets. This means that they do not run the risk of large volumes returning to them in the same way as many banks in other countries. Nor do the Swedish banks have any major exposure to the US sub-prime market.

Source                                                                                                 ▲ top
 

SLI adds Kelly to fixed-income team

September 5, 2006
From Scotsman.com:
 STANDARD Life Investments has poached Jack Kelly from rival ABN Amro to strengthen its global fixed-income team.

Kelly, who will be investment director, global fixed-income at SLI, was previously at ABN for some nine years, latterly as senior portfolio manager.

Source                                                                                                 ▲ top
 

Bear hands Asian brief to European fixed income boss

August 29, 2006
From FinancialNews-US.com:
 Bear Stearns is shifting a top aide of European chief executive Michel Péretié to a new role overseeing its growing Asian business less than a year after he was appointed co-head of fixed income in Europe.

John Moore, who alongside Yves Leysen was put in charge of European fixed income in October last year when Péretié picked his inner circle of bankers just days after becoming Bear Stearns’ first chief executive for Europe and Asia, will relocate from London to Asia for the new role.

 Source                                                                                                 ▲ top
 

Southwest Securities Opens Fixed Income Office in Bloomfield, New Jersey

August 27, 2006
From CNNMoney.com:
 Southwest Securities, Inc. has opened a fixed income office in Bloomfield, N.J. with 13 professionals and capacity to double in size.

Under the management of David Edgar, who has more than 25 years of sales and trading experience in the fixed income markets, the office specializes in serving the needs of financial depositories. In addition to agencies and mortgage-backed securities, the office transacts business in bank qualified municipal bonds.

 Source                                                                                                 ▲ top
 

Arc offers 9% yield on fixed income product

August 23, 2006
From Investment Week:
 Arc has launched a fixed income product offering a 9% annual yield.

The five year Fixed Income Plan 2, offering growth of 9% yearly or 0.73% monthly, will track the FTSE 100, Nikkei 225 and S&P 500 indices.

Source                                                                                                 ▲ top
 

PowerShares Expanding Fixed-Income Initiatives With Industry's First Emerging Markets Sovereign Debt ETF

August 22, 2006
From CNNMoney.com:
 PowerShares Capital Management LLC, a leading provider of exchange-traded funds (ETFs), announced today it has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for 11 new fixed-income ETFs. The PowerShares Emerging Markets Sovereign Debt Portfolio included in the filing is expected to begin trading in October.

"The Emerging Markets Sovereign Debt Portfolio represents another first for the ETF marketplace," said Bruce Bond, President of PowerShares Capital Management. "The underlying Deutsche Bank index is enhanced and seeks to both optimize performance and improve liquidity. It seeks to deliver strong investor value by providing intelligent and convenient access to a more difficult-to-reach asset class. The ETF structure also provides the added benefits of intraday liquidity and tax efficiency."

Source                                                                                                 ▲ top
 

Reuters, Yieldbroker in Australia fixed income trading link

August 15, 2006
From Reuters:
 News and information provider Reuters Plc. (RTR.L: Quote, Profile, Research) and Yieldbroker Pty. Ltd. agreed on a trading link for carrying out Australian and New Zealand fixed income trades on Yieldbroker's platform.

Yieldbroker, owned by Macquarie Bank Ltd. (MBL.AX: Quote, Profile, Research), ABN AMRO (AAH.AS: Quote, Profile, Research), Citigroup (C.N: Quote, Profile, Research) and Deutsche Bank (DBKGn.DE: Quote, Profile, Research), offers fixed income trading to more than 45 Australian financial institutions.

 Source                                                                                                 ▲ top
 

Bear Stearns boosts European fixed income

August 14, 2006
From FinancialNews-US.com:
 Bear Stearns has named two former JP Morgan bankers as managing directors of its European fixed income sales business in London, indicating the bank is continuing push its expansion internationally despite suffering billion dollar losses amid contracting credit conditions.

Lode Keijser, a former managing director in JP Morgan’s Northern European structured products business, and Leo Houtekamer, a managing director in the credit and rates division, will join Bear Stearns' European fixed income division covering Benelux clients after gardening leave.

 Source                                                                                                 ▲ top
 

UBS Names Esteves to Run Fixed-Income; Bunce to Leave (Update1)

August 3, 2006
From Bloomberg:
 UBS AG, which ousted its chief executive officer last month after three quarters of declining earnings, named Latin America Chief Andre Esteves to run global fixed-income sales and trading.

Esteves, 38, will move to London from Brazil and report to Huw Jenkins, head of UBS's investment bank, according to a memo sent to employees today. Simon Bunce, who has held the job since June 2005, is leaving UBS after 18 years to pursue other opportunities, the firm said. Doug Morris, a UBS spokesman in New York, confirmed the memo's contents.

Source                                                                                                 ▲ top
 

AIG Investments appoints Sandeep Bagla as CIO-Fixed Income

August 2, 2006
From Moneycontrol.com:
 AIG Investments today announced the appointment of Sandeep Bagla as Chief Investment Officer - Fixed Income. Based in Mumbai, Sandeep will be responsible for overseeing the investment and research of various fixed income related funds of the asset management business. Sridhar Narayan, the existing CIO - Fixed Income is moving internally to take on new responsibilities at AIG Investments - Private Equities Division.

Commenting on the appointment, Saurabh Sonthalia, Chief Executive Officer, AIG Asset Management - India, said "We are pleased to announce the appointment of Mr. Sandeep Bagla as the CIO - Fixed Income. Mr. Bagla is one of the leading professionals in the asset management industry with an impressive track record in fixed income fund management. Given his strong credentials, I am confident that Mr. Bagla will provide the right balance of dynamism and professional fund management to our operations in India."

 Source                                                                                                 ▲ top
 

Dorset dumps Prudential M&G

July 30, 2006
From Global Pensions:
 Dorset County Council pension fund has awarded two fixed income mandates worth £280m.

The £1.4bn fund has awarded European Credit Management with a £140m contract and Royal London Asset Management with a £140m contract.

 Source                                                                                                 ▲ top
 

Morley recruits three fixed income analysts

July 30, 2006
From Investment Week:
 Morley has strengthened its fixed income research capability with the appointment of two quant analysts and a credit analyst.

Reporting to Upkar Kambo, who heads the Fixed Income Quantitative Team, quant analysts Robert Goldsmith and Stuart Ritson will support the fixed income fund management process through quantitative research and modelling of the global sovereign, credit and FX markets, together with risk and attribution analysis.

Source                                                                                                 ▲ top
 

Raymond Chandonnet Joins Sandler O’Neill Fixed Income Division

July 17, 2006
From BusinessWire:
 Sandler O’Neill + Partners, L.P., a full-service investment banking firm specializing in financial services companies, announced today that Raymond E. Chandonnet, most recently a Managing Director and Head of Bank Strategy Sales at JPMorgan Securities, has joined the firm as a Managing Director in its Fixed Income Sales Division and will serve as Chief Strategist in the Balance Sheet Management Group. Mr. Chandonnet, who has over 20 years of fixed income sales, corporate finance and asset-liability management experience in the US Bank sector, will be based in Sandler O’Neill’s New York office.

 Source                                                                                                 ▲ top
 

UPDATE: My Word Is My Bond: How Fixed-income Is Traded

July 15, 2006
From CNNMoney.com:
 While human beings are a rarer and rarer sight on modern electronic stock exchanges, the vast majority of trades in the corporate bond market are still executed in time-honored fashion between buyers and sellers -- over the telephone.

"I guess you could say we are still in the dark ages," said Joe Balestrino, a senior fixed-income portfolio manager at Federated Investment Management Co. " The conversion [to electronic trading] has been slow in the non-government sector." 

Source                                                                                                 ▲ top
 

CSAM hires fixed-income head

July 9, 2006
From Credit:
 Credit Suisse has hired Richard Dryer as head of UK fixed income for its asset management business in London.

Dryer joins from Insight Investment Management where he was head of UK institutional credit.

Source                                                                                                 ▲ top
 

Greenwich study ranks fixed-income dealers

July 9, 2006
From InvestmentNews:
 Institutional investors JPMorgan Chase and Lehman Brothers are tops when it comes to fixed-income sales, research and trading, according to a study.

Deutsche Bank AG, Goldman Sachs Group Inc. and Bank of America Corp. rounded out the list of Greenwich Associates' 2007 U.S. Fixed-Income Dealer Rankings.

 Source                                                                                                 ▲ top
 

Investec bolsters fixed income team

July 4, 2006
From Business Report:
 Investec Asset Management has strengthened its award-winning fixed income team with the appointment of Marshall Brown as credit portfolio manager.

He will work alongside Simon Howie to exploit the growing opportunities arising in the credit market.

 Source                                                                                                 ▲ top
 

When fixed income starts to wobble

June 29, 2006
From The International Herald Tribune:
 Because bonds are supposed to provide ballast to your portfolio in a market storm, it is only natural to worry when your fixed-income holdings start to gyrate, as they have of late. But just as increased volatility in stocks can highlight opportunities for equity investors, the recent rockiness in the bond market can help clarify some decisions for bond holders.

Since June, the yield on 10-year U.S. Treasury notes has seesawed between 4.87 and 5.32 percent - and currently rests smack dab in the middle of this range. That is because the bond market cannot seem to make up its mind whether the economy is truly growing stronger, or whether troubles in the subprime mortgage market, which have already begun to hurt some hedge funds, might spill over into the broader economy.

 Source                                                                                                 ▲ top
 

Threadneedle appoints equity and fixed income heads

June 28, 2006
From Citywire:
 Threadneedle Investments has created a new senior management team with the appointment of a head of equities, head of fixed income and a chief risk officer.

Dominic Rossi, has been promoted to head of equities where he will be responsible for the management of all equity desks. He assumes the role from Threadneedle chief investment officer Sarah Arkle.

 Source                                                                                                 ▲ top
 

First Albany says closes fixed income middle markets group

June 22, 2006
From Reuters:
 First Albany Cos. Inc. (FACT.O: Quote, Profile, Research) said it will close its fixed income middle markets group following the departure of the employees in the group.

The company said it sold the securities inventory positions that the group managed to C.L. King & Associates for about $34 million.

 Source                                                                                                 ▲ top
 

Putnam wins $600m AMP fixed income mandate

June 20, 2006
From The Financial Standard:
 AMP Capital Investors Future Directions Fund has awarded Putnam Investments a global fixed income mandate worth around $600 million.

“We awarded a mandate to Putnam because of their well-structured alignment philosophy and an investment process that is very strong on sector rotation. These qualities fit well with our risk management principles,” said Sean Henaghan, AMP Capital investment director, International and Future Directions Funds.

 Source                                                                                                 ▲ top
 

Don't fret when fixed-income investments fluctuate in value

June 18, 2006
From Canada.com:
 Last year I inherited some money and wanted to put it into something safe and secure, and my adviser recommended that I invest in a portfolio of bonds and preferred shares. Lately my account's market value has started to slide. Do I have the right portfolio?

Whether or not this is the right portfolio for you depends on several factors, including your investment time horizon and long-term objectives.

 Source                                                                                                 ▲ top
 

Halbis Adds New Professional to Its Fixed Income Team

June 14, 2006
From BusinessWire:
 Halbis, the active asset management specialist of HSBC, today announced the appointment of an additional portfolio manager within its US fixed income team.

Rommel Badilla joins from Lotsoff Capital Management, where he was a portfolio manager and trader in its US Fixed Income Group. Prior to joining Lotsoff, he worked as a portfolio manager for Aames Investment Corporation, a real estate investment trust. Between 2000 and 2004, Rommel was a portfolio manager at Banc of America Capital Management specializing in mortgage backed securities, securitized products and derivative strategies. He has worked in the fund management industry since 1993 and holds a BS in both Finance and Economics from DePaul University. Rommel is a CFA charterholder and a member of the CFA Institute.

Source                                                                                                 ▲ top
 

BNP Paribas Asset Management to launch Sharia-compliant fixed income products

June 13, 2006
From Forbes:
 BNP Paribas Asset Management is set to launch a suite of fixed income products, compliant with Islamic law, according to the fund manager's global head of business development.

Vincent Camerlynck told Thomson Investment Management News that the products should be launched by the end of the year.

 Source                                                                                                 ▲ top
 

Inflation-Protected Yield Investing

June 8, 2006
From Forbes:
 United States Treasury inflation-protected securities (TIPS) are a simple and effective way to eliminate one of the most significant risks to fixed-income investments--inflation risk--while providing a real rate of return guaranteed by the United States government. As such, it is worthwhile to fully understand how these instruments function, behave and can be incorporated into an investment portfolio.

With normal (or nominal) fixed-income investments, investors bear inflation risk, in that the purchasing power of interest payments could be eroded by inflation over and above their original expectations. TIPS, however, are guaranteed to keep pace with inflation as defined by the Consumer Price Index. This is what makes them unique and defines their behavior. (For related reading, see "The Consumer Price Index Controversy" and "The Consumer Price Index: A Friend To Investors".)

 Source                                                                                                 ▲ top
 

Henderson to float new fixed-income fund

June 4, 2006
From Reuters Italia:
 Henderson Global Investors Ltd said on Monday it intended to float an investment company for fixed-income asset classes and wants to raise up to 300 million pounds through a share placing and offer for subscription.

Henderson Diversified Income Ltd will be a closed-end investment company targeting an annualised dividend of 7 percent on the issue price of 100p per share, the company said in a statement.

 Source                                                                                                 ▲ top
 

Pru Malaysia launches income fund

May 29, 2006
From AsianInvestor.net:
 Malaysia’s Prudential Fund Management has tapped into strong domestic fundamentals and retail demand for offshore assets by launching its Enhanced Income Fund. The new fund will invest into three distinct asset classes that comprise of fixed income securities and money market instruments, equities and equity-related securities and collective investment schemes such as Reits in Asia-Pacific.

In terms of the asset splits, up to 70% of the fund’s NAV will be invested in local fixed income securities, while the remainder will be placed in foreign equities and collective investment securities. The fund will also distribute income every six months.

Source                                                                                                 ▲ top
 

State Street Launches Fixed Income Exchange Traded Funds

May 29, 2006
From BusinessWire:
 State Street Global Advisors (SSgA)(a), the investment management arm of State Street Corporation (NYSE: STT), today announced five new fixed income SPDRsSM exchange traded funds (ETFs) will begin trading on the American Stock Exchange (Amex) on May 30.

 Source                                                                                                 ▲ top
 

Deutsche Bank hires Goldman director

May 23, 2006
From Bob's Guide:
 Deutsche Bank has appointed Luciana Miranda as managing director in the fixed-income prime brokerage group within the bank's global markets division.

Ms Miranda joins the German bank from Goldman Sachs where she had worked for 14 years and was most recently a managing director in the emerging markets trading and sales division.

Source                                                                                                 ▲ top
 

BlackRock offers its best fixed income ideas

May 22, 2006
From Citywire:
 BlackRock, which runs around $456 billion (£228 million) in bond funds, has launched a best ideas fixed income fund for the UK retail market.

The BlackRock Fixed Income Global Opportunities (FIGO) is part of the firm’s Luxembourg-domiciled umbrella. It is managed by BlackRock co-heads of fixed income, Keith Anderson and Scott Amero.

 Source                                                                                                 ▲ top
 

Credit Suisse appoints Nutbrown to fixed income team

May 16, 2006
From Investment Week:
 Credit Suisse has appointed Kieron Nutbrown to oversee the FX overlay business for its asset management business.

Nutbrown joins Credit Suisse as a managing director on the fixed income team, and will aim to expand the company’s fixed income proposition to both long only and alternative clients.

Source                                                                                                 ▲ top
 

Fixed income funds creating new uncertainties for investors - S&P

May 15, 2006
From Forbes:
 Fixed income funds in Europe increasingly are adopting trading strategies poorly understood by most retail investors and are creating wider disparities of performance, Standard & Poor's Fund Services said.

In the last six months, these funds have started to make changes in the way they trade, taking advantage of the new freedoms provided by the Undertakings for Collective Investment in Transferable Securities (UCITS) III norms and mimicking techniques employed by institutional funds.

Source                                                                                                 ▲ top
 

Deutsche Bank profit climbs 30% on fixed income

May 8, 2006
From MarketWatch:
 Deutsche Bank on Tuesday reported a better-than-forecast 30% rise in first-quarter profit, as the bank relied on its traditional strength in fixed income and sold off some equity stakes to boost the bottom line.

Deutsche Bank said profit rose to 2.1 billion euros ($2.8 billion), with revenue up 20% to 9.6 billion euros.

 Source                                                                                                 ▲ top
 

Fundies seek alternative fixed income exposure

May 8, 2006
From MoneyManagement.com.au:
 The underperformance of traditional fixed income assets globally is prompting fund managers to adopt alternatives within this space, according to US-based global investment bank Lehman Brothers.

In his outlook for global capital markets, Lehman Brothers chief global fixed income strategist Jack Malvey pointed to research for one year to April 26, 2007, which showed bond indices achieved global aggregate returns of 6.4 per cent, only marginally better than the world local currency total return of 5.6 per cent.

 Source                                                                                                 ▲ top
 

Collateralized Debt Obligations the Fastest Growing Sector of the Fixed Income Market

April 30, 2006
From BusinessWire:
 Research and Markets (http://www.researchandmarkets.com/reports/c55373) has announced the addition of Developments in Collateralized Debt Obligations: New Products and Insights to their offering.

The fastest growing sector of the fixed income market is the market for collateralized debt obligations (CDOs). Fostered by the development of credit default swaps (CDS) on all types of indexes of corporate bonds, emerging market bonds, commercial loans, and structured products, new products are being introduced into this market with incredible speed.

Source                                                                                                 ▲ top
 

Fixed-income ladder beats interest blues

April 29, 2006
From The Bradenton Herald:
 Interest rates are constantly changing. But how do rising or falling interest rates affect your investment strategies?

There is no simple answer, of course. If you own stocks, higher interest rates could be a cause for concern because when interest rates rise, it becomes more expensive for companies to borrow to expand their operations. As a result, these businesses may feel a squeeze on their profitability and their stock prices. And yet, some businesses are much more affected by rising interest rates than others so, as an investor, you can't really base your actions on a blanket statement such as "higher interest rates are bad for all stocks."

 Source                                                                                                 ▲ top
 

Kassin to head CS emerging markets fixed income team

April 18, 2006
From Investment Week:
 Raphael Kassin has joined Credit Suisse as head of emerging markets fixed income.

Reporting to Paul Griffiths, managing director and head of fixed income for asset management, Kassin will be responsible for managing the emerging market fixed income team, comprising of Thomasz Stadnik and Chris Kelly, managing $1.5bn in assets under management.

Source                                                                                                 ▲ top
 

Schroders appoints former UBS fixed income director

April 16, 2006
From The Financial Standard:
 Schroders Investment Management Australia has appointed Kellie Wood as its new product manager in fixed income and multi asset.

Prior to joining Schroders, Wood worked as a director at UBS Global Asset Management’s portfolio management and fixed income division for six years.

 Source                                                                                                 ▲ top
 

Vhayu launches Velocity for fixed income

February 6, 2006
From Finextra:
 Vhayu, the leader in streaming tick processing and persistence software, today announced availability of Vhayu Velocity for Fixed Income which delivers real-time analytics and storage of critical fixed income market data.

Following increased customer demand for fixed income specific features, Velocity for Fixed Income leverages Vhayu's patented functionality to provide a single platform to capture and analyze data generated from market data streams as well as data produced internally as a result of custom calculations. Several European financial institutions have deployed Velocity for Fixed Income to provide real-time and historical quote and trade snapshots, with the ability to support best execution and MiFID compliance.

Source                                                                                                 ▲ top
 

Goldman Partner To Head New Unit At Credit Suisse

February 5, 2006
From Forbes:
 Credit Suisse has brought in a former Goldman Sachs partner to take on a newly created role as head of securities in its investment banking group.

Michael Ryan, a former co-head of equity products at Goldman (nyse: GS - news - people ), will be a link between Credit Suisse's equity and fixed-income businesses and will report to Brady Dougan, the chief executive of investment banking, as well as join the investment bank group's management committee.

 Source                                                                                                 ▲ top
 

BGI welcomes fixed income chief

February 1, 2006
From The Financial Standard:
 Barclays Global Investors (BGI) has appointed the former head of credit portfolio management at Westpac Bank to the role of head of fixed income in Australia.

Prior to joining BGI, Carmody was responsible for managing Westpac Institutional Bank’s portfolio of corporate credit, including corporate loans and guarantees and a portfolio of structured credit investments. Carmody also worked as the head of quantitative analysis at Deutsche Bank and co-head of his own risk management consulting business.

 Source                                                                                                 ▲ top
 

Credit Suisse exit prompts fixed income shake-up

January 31, 2006
From FinancialNews-US.com:
 Credit Suisse has reshuffled top-line management within parts of its European fixed-income capital markets business, following the decision of the bank's head of structuring to step down.

The move, announced last week, spans three separate business areas and comes in direct response to Jeremy Bennett's decision to to take a sabbatical. As well as being the bank's head of structuring, Bennet is also co-head of European fixed-income capital markets and the emerging markets group.

 Source                                                                                                 ▲ top
 

Florida Firm Launches Asset-Backed Fixed-Income Fund

January 18, 2006
From FINalternatives:
 Boca Raton, Fla.-based Logan Equity Partners has recently launched an asset-backed fixed-income hedge fund. The new vehicle, the Logan Asset Backed Fund, uses a conservative valuation strategy to make asset backed loans and targets returns with extremely low volatility and a minimal correlation to the U.S. equity, fixed-income and real estate markets.

"Our time-proven approach employs a disciplined investment philosophy of underwriting short-term real estate loans with very low loan-to-value-ratios," said Scott Blick, portfolio manager.

 Source                                                                                                 ▲ top
 

Citigroup to Hold Fixed Income Investor Review

January 17, 2006
From BusinessWire:
 Sallie Krawcheck, Chief Financial Officer, and Charles Wainhouse, Head of Capital Markets, will speak at Citigroup’s Fixed Income Investor Review on Wednesday, January 24, 2007, at 9:30 a.m. (ET).

A live audiocast of the presentation will be available on Citigroup’s website at http://www.citigroup.com/citigroup/fin. Presentation materials will be available for download prior to the event at http://www.citigroup.com/citigroup/fin.

Source                                                                                                 ▲ top
 

Morningstar to Launch Family of Fixed-Income Indexes

January 9, 2006
From Yahoo! Finance:
 Morningstar, Inc. (Nasdaq: MORN - News), a leading provider of independent investment research, today announced that it plans to launch a family of investor-friendly fixed income indexes with a focus on transparency and "investability." In addition to serving as tools for portfolio benchmarking and performance measurement, the Morningstar Fixed Income Indexes can be licensed to institutions for the creation of investment vehicles including such things as mutual funds, exchange-traded funds (ETFs), and derivative securities. Morningstar expects to launch these indexes in stages beginning in the first quarter. The initial indexes will cover the core fixed income categories of U.S. Treasury and corporate bonds.

 Source                                                                                                 ▲ top
 

Wachovia unit to buy European Credit Management

January 9, 2006
From Reuters Canada:
 Wachovia Corp. (WB.N: Quote) said on Tuesday that its Evergreen Investments unit would buy a majority stake in London-based European Credit Management Ltd., adding about 20 billion euros ($26.1 billion) of fixed-income assets under management.

The addition of European Credit Management will give Boston-based Evergreen oversight of more than $280 billion of assets. ECM's employees and strategic shareholders will retain a 30 percent equity stake in their firm.

 Source                                                                                                 ▲ top
 

Favourable macroeconomic environment fuels stability in fixed income markets

December 29, 2006
From The Jamaica Gleaner:
 During 2006, the Bank of Jamaica (BOJ) has been successful in its efforts to reduce interest rates and maintain stability in the domestic market.

The BoJ's ability to lower interest rates amid the numerous challenges in the Jamaican economy was underpinned by the consistent decline in the rate of inflation throughout the year, coupled with the relative stability in the foreign exchange market.

Source                                                                                                 ▲ top
 

Treasurys are bond strategists' top pick for 2007

December 29, 2006
From MarketWatch:
 Treasurys and agency notes are likely to be the preferred investment in 2007 for fixed-income investors eager to position themselves for an economy that is slowing at an uncertain clip, fixed-income managers agreed -- but agreed on little else.

Joe Balestrino, fixed-income market strategist at Federated Investment Management Co., has placed a full 33% of his firm's Total Return bond fund, into U.S. government-backed notes and bonds as 2007 begins. The fund is Federated's flagship portfolio, embodying all of its strategists' recommended plays in the bond market.

 Source                                                                                                 ▲ top
 

Schwab targets retail market for online fixed income

December 20, 2006
From Finextra:
 Charles Schwab & Co is making it easier to invest in fixed income vehicles - a key component to a well-balanced portfolio, especially for people in or near retirement.

The company has enhanced its BondSource platform, allowing investors to more easily view its wide range of fixed income choices and access enhanced research and screening tools. And now investors can research and trade 22 hours a day, every day of the week.

 Source                                                                                                 ▲ top
 

SBP chief for development of fixed-income market

December 19, 2006
From Daily Times:
 Fixed income market development is the key agenda for the next phase of the financial sector reforms in Pakistan, says the State Bank of Pakistan (SBP) governor.

Delivering her keynote address at a two-day international conference on “Fixed Income Market Development in Emerging Market Economies” said SBP Governor Dr Shamshad Akhtar here on Monday. “New approaches and instruments need to be promoted to enhance the depth and accessibility of fixed income markets,” she added.

 Source                                                                                                 ▲ top
 

Macquarie signs BlueBay for emerging market debt

November 27, 2006
From Financial Standard.com.au:
 Macquarie Funds Management has announced that UK based fixed income credit specialist BlueBay Asset Management has been appointed as the emerging markets debt manager for a suite of Macquarie fixed interest products.

BlueBay has been appointed to provide asset management for the Macquarie Diversified Fixed Interest Fund, the Macquarie Income Opportunities Fund and the Macquarie Global Bond Solution Fund.

Source                                                                                                 ▲ top
 

Mashreq Capital launches first specialist fixed-income fund at DIFC

November 25, 2006
From AME Info:
 Known as the Emerging Market Credit Opportunities (EMCO) fund, it is the first specialist fixed income hedge fund at the DIFC and was developed entirely within the DFSA's Collective Investment Law framework.

His Excellency, Dr. Omar Bin Sulaiman, Governor of the DIFC, said: 'The DIFC's fund community continues to grow at a rapid pace, thanks to the DIFC's unique position as a bespoke domicile for funds and asset managers. Mashreq Capital's launch of MCF Series I is a positive step in the development of the region's growing funds industry'.

 Source                                                                                                 ▲ top
 

Vhayu Announces Formation of Fixed Income Market Data Advisory Board

November 8, 2006
From Bob's Guide:
 Four tier one banks utilizing Velocity for fixed income trading drives push into fixed income electronic trading

Vhayu, a leader in streaming tick processing and persistence software, today announced the creation of a fixed income market data advisory board. The global advisory board will provide a unique forum for industry participants to contribute to Vhayu’s innovative strategy to drive electronic fixed income trading operations.

 Source                                                                                                 ▲ top
 

Gabelli hires for fixed income unit

November 7, 2006
From FinancialNews-US.com:
 Gamco Investors, the $26.8bn (€21.3bn) asset management firm run by financier Mario Gabelli, has hired a managing director for Gabelli Fixed Income.

Wayne Plewniak will help expand the firm’s high yield, leverage credit investments, capital structure, convertible bonds and high yield securities. He will work with Ronald Eaker and Henley Smith.

 Source                                                                                                 ▲ top
 

Fixed income fund manager BlueBay eyes $330 mln IPO

November 6, 2006
From Reuters:
 Fixed income fund manager BlueBay said on Monday it expected its initial public offering (IPO) to raise about 173 million pounds ($330 million)for backers including UK bank Barclays (BARC.L: Quote, Profile, Research) and Japan's Shinsei Bank.

BlueBay, which has around $8 billion under management and unveiled its IPO plans last month, said it would sell up to 63 million shares at between 250 pence and 300 pence apiece.

Source                                                                                                 ▲ top
 

UBS to invest in fixed income despite losses

November 6, 2006
From FinancialNews-US.com:
 Huw Jenkins, chairman and chief executive of UBS Investment Bank, will continue to invest in and develop the bank’s fixed income, rates and currencies division despite taking a big hit on US interest rates.

In a rare interview following last week’s 22% fall in third-quarter profits at the investment bank to Sfr1.1bn (€682m), Jenkins told Financial News the results were “disappointing” but said the fixed income division needed more resources.

 Source                                                                                                 ▲ top
 

Fixed-income research poll: part 1

October 25, 2006
From FinanceAsia.com:
 Over the month of September, FinanceAsia once again conducted its annual fixed income research poll. The poll is designed to reflect the outlook of Asia’s fixed-income investor community, of whom 354 voted.

The poll has several components. It seeks to analyse market participants' views on the Asian markets, views on credit rating agencies, as well as voting for the best borrowers and, of course, the best banks at producing credit research. In this first instalment, we release data about investors' market views.

 Source                                                                                                 ▲ top
 

TSX expands in fixed income market with 2 buys

October 25, 2006
From Reuters:
 TSX Group Inc. (X.TO: Quote, Profile, Research), owner of the Toronto Stock Exchange and TSX Venture Exchange, said on Wednesday it will pay up to C$92 million ($82 million) for two businesses it said will help it expand in the fixed income market.

TSX said it will acquire Shorcan Brokers Ltd., Canada's first fixed income inter-dealer broker.

 Source                                                                                                 ▲ top
 

Knight Capital Group Completes Acquisition of ValuBond, Inc. Fixed Income Electronic Platform

October 2, 2006
From PR Newswire:
 Knight Capital Group, Inc. (NASDAQ: NITE) today announced the completion of its acquisition of ValuBond, Inc., a privately held firm, in an all-cash deal for $18.2 million, effective as of the opening of business today, October 2, 2006. ValuBond provides electronic access and trade execution products for the fixed income market and is a separate subsidiary of Knight Capital Group.

 Source                                                                                                 ▲ top
 

L.A. County selects 2 firms to run fixed income

September 29, 2006
From Pensions&Investments Online:
 The Los Angeles County Employees Retirement Association, Pasadena, Calif., selected Goldman Sachs Asset Management and Principal Global Investors to manage $500 million each in domestic core-plus fixed income, said Juan.

 Source                                                                                                 ▲ top
 

USD selling across the board and a strong fixed income rally was the result

September 22, 2006
From FXStreet.com:
 USD selling across the board and a strong fixed income rally was the result. The market is waking up to the fact that the US yield curve is inverted as has been so since July. At the release of the Philly Fed, the yield curve inverted even more and the spread between the 3M and 10Y rates can no longer be dismissed as a short blip in the markets. This thing is for real, as it is the only reliable indicator for a recession 6-9 months ahead. Our Index of Weekly Updated Economic Indicators concurs that we are currently seeing a serious slow-down in economic activity in the US economy.

 Source                                                                                                 ▲ top
 

Contenders for Fixed-Income Manager of the Year

September 20, 2006
From Morningstar:
 Every year we like to take a look at which bond-fund managers are not only having a great year, but who are also likely contenders for Morningstar's Manager of the Year award.

There is a distinction, and it's an important one. Near the end of each year, Morningstar's analysts get together and choose the winner in each of three asset classes (domestic stock, international, and fixed-income). In other words, the award isn't quantitative, and it's not given to the fund that simply earned the highest return for the year. Rather, it's a subjective award, based on the collective experience of our mutual fund analyst staff and its exposure to the great managers whose work we've come to know and admire over the years. So, while the recipient can normally boast a great year, each winning manager typically has a great long-term record and has earned our respect over that time.

 Source                                                                                                 ▲ top
 

Hedge funds boost fixed income trading volumes

September 13, 2006
From Reuters:
 Trading volumes in fixed income securities increased 25 percent over the last year, boosted mainly by hedge funds' activities, a survey released on Wednesday shows.

According to Greenwich Associates' 2006 Fixed-Income Investors Study, hedge fund trading volume in fixed income securities more than doubled in the 12 months covered in the consulting firm's study.

 Source                                                                                                 ▲ top
 

Wachovia Securities expands European fixed income

September 13, 2006
From Reuters:
 Wachovia Securities said on Wednesday it expanded its European fixed-income team through a series of hires in the global rates and real estate capital markets.

In global rates, Hans-Peter Schoech has joined Wachovia as director and head of structured rates and hybrids. Schoech is based in London and reports to Brian Zwerner, managing director and head of global structured rates and correlation credit.

 Source                                                                                                 ▲ top
 

Investor 007's Bond Dossier

September 5, 2006
From The Motley Fool:
 Meet Investor 007. His specialty? Bonds. Fixed-income bonds.

Don't be fooled by their low-profile reputation. Beneath that cunning disguise, bonds are sophisticated tools to help safeguard your portfolio from the perils of riskier investments. Here's the latest intelligence on their high-stakes world. If you're new to the game, get briefed on the basics of Investor 007's business, or check out our Bond Center for some useful gadgets to help ensure a successful investing mission.

 Source                                                                                                 ▲ top
 

André Roux: Head of Fixed Income, Investec

September 1, 2006
From MoneyWeb:
 MONEYWEB: André Roux from Investec joins us now. Is that your philosophy as well, André, when you do your investing in the equity market? I know you're a fixed-income specialist. But do you?

ANDRÉ ROUX: We certainly trade against the market. If it sells off, we tend to buy and vice versa. But it’s also a fact about markets, they often actually get into a trending mode, and it’s difficult to just completely walk away from the trend.

 Source                                                                                                 ▲ top
 

DeAM chases alpha in fixed income

August 29, 2006
From FinancialStandard.com.au:
 The alpha trend has stepped neatly over to the fixed income space, with Deutsche Asset Management (DeAM) being the latest fund manager to announce the roll-out of a new high yield fixed income fund.

The announcement comes only a week after global fund manager PIMCO announced similar plans for an Australian high conviction fixed income fund at the Portfolio Construction Conference held in Sydney.

 Source                                                                                                 ▲ top
 

Good opportunities in India in fixed-income: Bear Stearns

August 24, 2006
From MoneyControl.com:
 John Stuermer, Head of Asian Emerging Markets at Bear Stearns says that India provides good opportunity in the fixed income space. He adds that Indian banks are at the lower rung of the investment grade.

He also says that the Fed is not yet through with rate hikes and expects another one or two hikes more.

 Source                                                                                                 ▲ top
 

U.K. funds boost fixed income in past year

August 15, 2006
From Pensions&Investments Online:
 U.K. defined benefit pension plans increased their active fixed-income allocations by 11 percentage points to 73% over the past 12 months, according to an Aug. 11 survey of 51 U.K.

Source                                                                                                 ▲ top
 

Barclays picks new fixed-income trading head

August 10, 2006
From MarketWatch:
 Barclays Capital has appointed Ritankar Pal as managing director of U.S. dollar fixed-income trading, the bank announced Thursday.

Pal will be in charge of the bank's nominal U.S. Treasury and U.S. and Canadian dollar interest-rate-swap market-making businesses.

Source                                                                                                 ▲ top
 

Fidelity launches fixed income product

August 3, 2006
From The Indian Express:
 Fidelity Fund Management Pvt Ltd will launch the fidelity short term income fund on August 17, its first fixed income product in India.

Fidelity, which already manages three equity funds and a multi-manager cash fund, will now be present in all the three asset classes of equities, fixed income and cash, after this launch on August 17. 

Source                                                                                                 ▲ top
 

L&G recruits Bartley to head global fixed-income team

August 1, 2006
From Investment Week:
 Roger Bartley has become global head of fixed-income at L&G.

Reporting to chief executive of L&G Investment Management (LGIM), Peter Chambers, Bartley will be responsible for the running all fixed interest operations, managing a team of 36.

Source                                                                                                 ▲ top
 

Thomson TradeWeb Announces Entry into Retail Fixed-Income Markets

July 17, 2006
From Yahoo! Finance:
 Thomson TradeWeb, the leading online marketplace for Fixed Income and Derivatives, and part of The Thomson Corporation (NYSE: TOC - News; TSX: TOC - News), today announced the strategic acquisition of LeverTrade LLC, formerly Global Trade Technologies (GTT), a provider of web-based fixed-income management systems for the retail marketplace. Through LeverTrade's retail fixed-income marketplace, financial advisors and retail representatives from leading firms search commingled inventory from over 30 broker-dealers and generate orders that flow to their internal trading desks. LeverTrade will be re-branded TradeWeb Retail. 

Source                                                                                                 ▲ top
 

Middle East Conflict Sparks Further Buying In Fixed Income Market

July 13, 2006
From TradingMarkets.com:
 Treasury yields fell during Thursday's session, as escalating conflict in the Middle East sparked buying in U.S. bonds. The 10-year yield closed below the 5.1% mark, moving to a new multi-week low.

The fixed income market saw some buying early in the session, sending yields lower. This added to the trend that has marked most of the past week. The early momentum was limited, however, and most of the early buying had been reversed by the early afternoon. At about 1 pm Eastern Time, news of a rocket attack against an Israeli city - part of the country's conflict with Lebanon - sparked renewed buying of U.S. treasuries. 

Source                                                                                                 ▲ top
 

PGI launches Strategic Fixed Income Fund

July 4, 2006
From Global Investor:
 Principal Global Investors has launched a Strategic Fixed Income Fund offering investors a diverse range of sectors producing high yields with a low risk profile.

Robert da Silva, managing director, Asia Pacific Fixed Income, and one of the fund's three portfolio managers, said an important differentiator was the fund's low duration. The duration range will generally be managed between zero and 1.5 years (though there is an upper limit of three years) in order to target low volatility. "With the volatility of market cycles, investors know that they can lose as well as make money, so there is demand for this sort of product," he added.

Source                                                                                                 ▲ top
 

Fixed Income Market Sees Little Early Action Wednesday Ahead Of FOMC

June 28, 2006
From TradingMarkets.com:
 The fixed income market was little changed in the first few minutes of the Wednesday's trading. This came as the Federal Reserve is set to start a 2-day meeting of its policy-setting committee, which is expected to end in another increase in benchmark interest rates.

There was extremely light selling in Wednesday's opening stages, sending yields slightly higher. The yield on the 10-year note ticked up less than a basis point to 5.214%. This followed some buying on Tuesday, which halted a selling spree that marked most of the previous 2 weeks. Tuesday's move took the 10-year yield off a multi-year high.

Source                                                                                                 ▲ top
 

Fixed-income funds offer most diversity

May 10, 2006
From FortWayne.com:
 Whether you’re retired and living off your savings or are a young investor with decades to go before you tap your nest egg, fixed income deserves your consideration. What may be less clear is whether it’s wiser to buy individual bonds or get exposure through mutual funds.

For most of us, experts say, funds are a probably better deal because they offer greater diversity at a lower price tag. Yet at the end of 2004, about 54 percent of total fixed-income assets held by retail investors were in individual bonds, while only 46 percent were in bond funds, according to figures from the Federal Reserve Bank and others.

 Source                                                                                                 ▲ top
 

Fixed Income Market Finishes Flat Amid Fed Decision

May 10, 2006
From Trading Markets Live!:
 The fixed income market finished largely unchanged on Wednesday, though the release of the Federal Reserve's interest rate decision caused some choppy trading. The release of the Fed announcement sparked a reversal of early buying in the bond market, as treasury yields ended the day near the flat line.

Bonds experienced some buying early in the session and during the middle of the day, sending yields modestly lower. The move reversed some selling seen over the previous couple days. In the final hour of trading, however, the Fed announced another quarter percentage point rate hike. This sparked immediate selling in the fixed income market, with yields jumping briefly into positive territory. There was a moderation in yields just before the close. The 10-year yield ended the day flat with Tuesday's closing level of 5.125%.

Source                                                                                                 ▲ top
 

Goldman Sachs Sicav gets fixed income portfolios

May 5, 2006
From Investment Week:
 Goldman Sachs Asset Management has added three fixed income portfolios to its Luxembourg Sicav. The products, which have UK distributor status, combine ideas from the firm’s active fixed income and currency strategies in a single portfolio.

The funds are GS Global Fixed Income Plus, GS Euro Fixed Income Plus and GS Sterling Broad Fixed Plus. The first two will use the Lehman Brothers Global Aggregate index as a benchmark and the latter will use the Merrill Lynch Sterling Broad Market index.

Source                                                                                                 ▲ top
 

AGF Funds Inc. Announces Changes To Its Fixed Income Fund Management Team

April 25, 2006
From CNW Group:
 AGF Funds Inc. today announced changes to the team responsible for the firm's fixed income strategies.

Scott Colbourne has decided to leave AGF to pursue an entrepreneurial opportunity outside of the mutual fund industry. He served as lead portfolio manager for AGF Canadian Bond Fund, AGF Global Government Bond Fund, AGF Global High Yield Bond Fund, AGF RSP Global Bond Fund and the AGF-managed portion of Harmony Canadian Fixed Income Pool. His resignation is effective April 28, 2006.

 Source                                                                                                 ▲ top
 

Fixed-income takes the shine off JPMorgan

April 20, 2006
From MSN Money:
 JPMorgan Chase on Wednesday reported an 8 per cent increase in underlying net income to $3.1bn in the first quarter in spite of another disappointin