Asset Backed Securities

Our ABS team is headed by Edward Panek in London, with analysts sitting in both the United States and the UK.

We have been investing in asset backed securities (ABS) for more than 15 years for a wide range of fund strategies and across a broad range of asset types and ratings. Our ABS experts form part of the Secured Credit team, which is embedded within our broader fixed income business, offering both dedicated ABS strategies to clients as well as ABS investments as part of various multi-strategy funds.

The team typically focus on floating rate, investment grade securities in both Europe and the US. Investments cover a range of different sectors, incorporating consumer loans, mortgage-backed securities and collateralised loan obligations. Given the heterogeneous nature of the asset class, the target risk and return characteristics vary according to the specific mandate.


Philosophy

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ABS markets still present the opportunity to uncover pockets of value in under-researched sectors of credit markets. When compared with similarly rated investment-grade corporate bonds, the credit spreads available from an ABS investment continue to look attractive."

Ed Panek, Head of ABS Investment

Why?

  • ABS is still an under-researched asset class as institutional investors have been slower to return following the financial crisis.
  • Attractive credit spreads when compared with similarly rated corporate bonds
  • Offers diversification, with cash-flows dependent on performance of the underlying collateral pools, not a company’s ability to service its debt
  • Floating rate assets provide natural hedge against rising interest rates / yields

This website is for financial promotion purposes and is not investment advice.

Management

Colin Fleury

Colin Fleury

Colin Fleury is Head of Secured Credit and a co-manages the Multi-Asset Credit and Global Diversified Credit strategies at Janus Henderson Investors. Prior to joining Henderson in 2007, Colin held secured credit portfolio management roles at Deutsche Bank AG and Abbey National Treasury Services plc. He also has secured debt structuring, underwriting, and advisory expertise from roles at Shell International, where he was a senior advisor on the M&A and financing team, and at Credit Suisse, where he was a vice president in the global project finance group. Colin’s early career also includes experience in secured UK real estate and SME corporate lending and spans multiple jurisdictions in Europe and worldwide. Colin is an associate of the Chartered Institute of Bankers and a graduate of the Credit Suisse Corporate Finance and Capital Markets Programme. He has 33 years of financial industry experience.


David Milward

David Milward

David Milward is Head of Secured Loans at Janus Henderson Investors and member of the Secured Credit team, a position he has held since 2009. In this role, he is responsible for co-managing Janus Henderson’s European Loan strategy and overseeing a team of six loan professionals. He also analyses new and existing loan investment opportunities. He joined Henderson in 2001 as an associate director of loans. Previously, he was an investment manager for Lloyds TSB Strategic Ventures and has worked in various corporate and institutional banking roles, including acquisition finance within Lloyds TSB. David holds a BA degree (Hons) in biochemistry from Oxford University. He has qualified as an associate of the Association of Corporate Treasurers and is an associate of the Chartered Institute of Bankers. He has 30 years of financial industry experience.


Ed Panek

Ed Panek

Ed Panek is Head of ABS Investment and a Portfolio Manager on Structured Debt at Janus Henderson Investors, a position he has held since 2012. Mr. Panek joined Henderson in 2008 and has more than 30 years of ABS, MBS, CDO, and secured credit experience. His previous roles have included senior portfolio manager at Bank One/JPMorgan, where he was responsible for the management of the White Pine SIV. Ed has also held a number of senior positions in structuring and managing MBS and ABS at Salomon Brothers, CSFB, Abbey National Treasury Services, and the hedge fund CQS. In his previous roles, he originated European and US RMBS and ABS, and he is experienced in analysing and investing in ABS products from across the globe. Ed received a BA degree in economics from Boston College, graduating magna cum laude. He has 38 years of financial industry experience.


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