FIXED INCOME

Flexible. Thoughtful. Connected.

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arrow Fixed Income

Alternatives

Multi-Asset

Capabilities Hub

Equities

arrow  Fixed Income

Alternatives

Multi-Asset

Our teams retain flexibility within a disciplined construct, resulting in individual strategies as well as custom-blended solutions – all within a rigorous risk management framework.

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€121.1bn
Fixed Income Assets Under Management

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131
Fixed Income Investment
Professionals

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18
Average Years’ Financial
Industry Experience

As at 30 June 2025

€121.1bn
Fixed Income Assets Under Management

131
Fixed Income Investment
Professionals

18
Average Years’ Financial
Industry Experience

As at 30 June 2025

Investment capabilities benefitting from:

  • A forward-looking approach that looks beyond benchmarks to put investor objectives at its core.
  • Collaborative teams that share and debate ideas globally but retain investment flexibility within a rigorous risk-management framework.
  • A range of actively-managed solutions from core bonds to multi-sector that reflects four decades of addressing clients’ evolving financial needs.

Featured strategies

Emerging Markets Debt Hard Currency

Seeking to capture market inefficiencies within emerging markets debt to generate alpha over the long-term.

Global High Yield

Aiming to access the total return potential of high yield bonds through a portfolio of diversified issuers, sectors and geography.

Global Investment Grade

Our investment grade strategies combine top-down asset allocation with bottom-up, high conviction, ideas generated by our experienced sector specific credit analysts, predominantly focused on investment grade corporate bonds.

View all fixed income strategies

Insights

A column chart in three colours showing the change in debt as a percentage of GDP since 2019. Orange represents governments, grey represents corporates and blue represents households. The vertical axis is the percentage point change in debt as a percentage of GDP. The horizontal axis represents different countries or regions. In general, the rise in debt has been greatest for governments. Going along the horizontal axis, the first country is mainland China where the figures are a 25% rise in debt as a percentage of GDP for the government, 10.7% fall for corporates and a 4.6% rise for households. The UK the figures are a 15.8% rise in debt for the government, a 4.5% fall for corporates and a 7.0% fall for households. For the US the figures are a 12.6% rise in debt for the government, a 4.5% fall for corporates and a 5.3% fall for households. In the euro area, the figures are a 3.7% rise for government debt, a 6.2% rise for corporates and a 5.8% fall for households. On average there has been a 9% rise in debt for governments, a 2% fall for corporates and a 4% fall for households.

Chart to Watch: Is government debt helping corporate credit?

Exploring the potential interplay between government and corporate debt levels.

Tariffs, inflation and the long shadow of policy error

The risk of tariff-induced supply disruptions has raised the stakes for monetary policy error.

Chart to Watch: EM sovereign rating upgrades outpace downgrades

Improving EM fundamentals are driving sovereign credit rating upgrades, which have been more than double the number of downgrades so far in 2025.

View all insights

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