Fidelity bolsters fixed income PEG
Fidelity International announced the appointment of Lucette Yvernault as portfolio engineer and team leader for the newly formed fixed income Portfolio Engineering Group (PEG).
Building on Fidelity’s well-established fixed income capabilities, PEG will manage and design customised fixed income portfolios on behalf of institutional investors globally that are distinct from traditional alpha-generating portfolios and available at a lower cost. The portfolios will typically target modest alpha levels and operate under tight investment constraints, drawing on a systematic investment process that involves low turnover. As team leader Yvernault will help to shape and develop the vision of PEG, in close collaboration with Fidelity’s investment, technology and distribution teams.
Yvernault joins from Schroders Investment Management where she worked as a global credit portfolio manager. She has more than 16 years’ investment experience managing fixed income portfolios across investment grade, high yield and emerging market bonds. Prior to Schroders, Yvernault worked for Citigroup Asset Management as portfolio manager and vice president for pan-European and global credit.
Charles McKenzie, Global CIO, Fixed Income, comments: “In recent years, we have witnessed increased demand for customised bond portfolios in response to changing client requirements. In particular, there is strong appetite for bespoke systematic strategies, provided at a lower cost.
“Yvernault’s appointment is an important step for our business as we evolve to suit the increasing need to deliver tailored solutions for institutional clients. She has in-depth knowledge of the individual pressures faced by institutional investors and we look forward to working with her as we develop the Portfolio Engineering Group.”