Deutsche AM makes major fixed income appointment from Invesco

Deutsche Asset Management has hired Jack Loudoun from Invesco Asset Management, to join its London-based portfolio management team for fixed income, at a time of high demand, volatility and uncertainty for the asset class.

Loudoun moves at a time demand for quality fixed income investments is at its highest for decades.

Gilts in the UK yielding 2.39% are only one of many countries’ 10-year paper now trading on record-low yields. Equivalent debt in the US (yielding 2.1%); Germany (2.1%); Switzerland (0.9%); and Japan (0.99%) are other examples.

At DeAM, Loudoun will have senior portfolio management responsibilities and will work closely with the institutional asset management arm of the Deutsche Bank group, DB Advisors.

Alongside Kevin Bliss he will work for Deutsche Insurance Asset Management’s UK-domiciled clients, and global clients with sterling-denominated investments.

In a joint statement from Jörg Triesch (pictured), co-head of European portfolio management at Deutsche Insurance Asset Management, and Gordon Ross, director of absolute return products at DB Advisors, the company said Loudoun would strengthen the business in the UK, which it dubbed “a significant area of opportunity and growth”.

He previously spent nine years at Invesco Asset Management, where he was responsible for the alpha decisions on gilts and bunds, the UK yield curve and inflation-linked instruments, and managing portfolios with a focus on gilts.

In running portfolios at DeAM, he will report to Triesch, while in his function regarding markets he will report to Ross.

In Continental fixed income markets intervention by Europe’s central bank has also moved prices on debt of the bloc’s peripheral sovereigns.

Stefan Kreuzkamp, head of fixed income Europe at DWS Investments, Deutsche Bank’s retail fund management arm, said recently for many years markets had considered peripheral eurozone debt akin to core German or French paper, which made active fixed income portfolio construction difficult.

But he added that, more recently, “for our European bond funds portfolio construction is possible again, and important”.

 

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