BNP Paribas hires EM fixed income specialists from Rexiter

BNP Paribas Investment Partners (BNPP IP) has hired four emerging markets fixed income professionals from Rexiter Capital Management, a subsidiary of State Street Global Advisors.

John Morton (pictured) will head the global emerging markets fixed income team at BNPP IP’s global fixed income partner, Fischer Francis Trees & Watts (FFTW). The other three managers are Mark Capstick, Lewis Jones and Daniel Wood.

All four managers have worked at Rexiter Capital Management since November 2007, managing emerging markets fixed income strategies and have a strong track record in areas such as emerging markets local currency debt.

The team is based in Boston, London and Singapore, and reports to Guy Williams, chief investment officer of FFTW.

In a statement, BNP Paribas said it “believes emerging markets to be a key part of its growth strategy.” BNPP IP’s existing emerging markets fixed income team consists of an Asian fixed income team, emerging markets fixed income portfolio managers based in London and dedicated emerging markets fixed income traders. The hires bring the total team to ten portfolio managers.

Philippe Marchessaux, chief executive of BNPP IP, said: “As emerging markets continue to grow in importance, we foresaw the need to enhance our team to ensure we provide clients with the investment strategies they require. With over €45bn of assets under management in all emerging markets asset classes as of June 30, 2012, BNPP IP is fully committed to the successful growth of its business in emerging markets fixed income and the hiring of these individuals supports that.”

Williams added: “Emerging markets continue to increase in importance for fixed income investors. The risk-adjusted returns of this asset class compare very favourably with more traditional asset classes over a long-time horizon. Today emerging markets sovereign debt offers higher yields and generally lower duration than developed markets sovereign debt, in addition to strong balance sheets, a commitment to liquidity and favorable demographics.

“As we continue to search for alpha for our clients, it is important we build a world-class emerging markets fixed income team. I am looking forward to working with these individuals as their track record demonstrates they are skilled at uncovering relative value and generating strong returns.”

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