Aberdeen boosts Asia credit research and analysis

UK manager Aberdeen Asset Management, which has just been elevated to FTSE 100 membership, has added new recruits to its Singapore office to boost its Asian credit expertise.

Charles Macgregor joins from Aviva Investors Asia to become Aberdeen’s head of credit research Asia Pacific. 

Macgregor will oversee credit research in Asia. He will also work with Aberdeen’s Australian fixed income and global fixed income teams, and contribute to improving communications across the manager’s global platform.

Thu Ha Chow has been appointed senior credit analyst, having worked at Aberdeen’s London office. Chow will focus on proprietary credit research on issuers in Asia.

Aberdeen said that there is a trend for global buyers to diversify into Asia away from traditional hard currency holdings of Western issuers. This started with sovereign bonds, but increasingly investors are buying investment grade and high yield corporate debt.

Supply of Asian corporate debt is improving as companies are looking for alternatives to bank financing. This should over time improve liquidity in Asian bond markets, Aberdeen said.

The manager’s Asian fixed income assets under management total $21.6bn, of which $13.9bn is under management in Sydney.

Equity

Aberdeen’s moves to boost its Asian fixed income business contrast with its decision last month to restrict flows of new money into its Global Emerging Markets Equity and Emerging Markets funds.

The manager sent a letter to investors stating that it was looking to cut further inflows in order to protect the performance and liqudity of these funds. Distributors were asked to remove the funds from their buy lists by 1 April and cease advertising them.

 

 

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