The decamping of 11 Invesco global fixed interest staff to Deutsche Bank in March has cost the manager dearly, with Colonial First State’s FirstChoice platform stripping it of $500 million.
Alan Kenny, FirstChoice’s general manager product and investment services, said the staff departures – which included Invesco’s global CIO Steve Johnson, director of US fixed income Ken Bowling and global/UK fixed interest chief Mark Dowding – were the motivation for discontinuing Invesco’s global fixed interest mandate. Within the $4.8 billion FirstChoice Fixed Interest portfolio, it has been replaced by a $527 million global credit mandate with Loomis Sayles, a $471 million fixed income portable alpha mandate with Franklin Templeton Investments, and a $235 million global bond portfolio with Credit Agricole Asset Management (some of these mandates were already partially funded). Kenny said the review also resulted in the introduction of an “;innovative”; investment capability managed by Colonial First State Global Asset Management (CFS GAM), which combines Australian and US duration, global credit and emerging market debt into a single portfolio.
30 October 2007 00:00
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Investments
Asset owners are right to be concerned about private credit fund suspensions and redemption queues, Blue Owl head of alternative credit Ivan Zinn told the Investment Magazine Fiduciary Investors Symposium, but he thinks that two years from now they’ll be looked back on as nothing more than a “speed bump” on a highway of growth and strong returns.
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