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Hermes adds to fixed income offering with launch of Unconstrained Credit Fund

Home / Press Centre / Hermes adds to fixed income offering with launch of Unconstrained Credit Fund

Andrew Jackson, Head of Fixed Income
Fraser Lundie, CFA, Co-Head of Credit and Senior Credit Portfolio Manager
30 May 2018
Credit

Hermes Investment Management, the £33.6 billion manager, has today added to its global fixed income product offering with the launch of the Hermes Unconstrained Credit Fund. The UCITS Fund, seeded by cornerstone investors including Quilter Multi-Asset, has investor commitments of £185m and aims to offer a high-conviction, multi-sector credit solution that is structured to perform throughout market cycles.

The investment process combines top-down allocation across the global liquid-credit spectrum with bottom-up, high-conviction security selection. This is complemented by an options overlay to manage risks within the prevailing market environment.

Andrew Jackson, Head of Fixed Income, and Fraser Lundie, Co-Head of Credit and Lead Credit Portfolio Manager, will manage the Fund and look to exploit opportunities throughout the global liquid credit spectrum in investment-grade and high-yield bonds, loans, credit-default swaps, asset-backed securities and other credit derivatives. Through assessing credit risk appetite across liquid-credit markets, the Multi-Asset Credit Investment Committee will provide allocation guidance, with bottom-up credit selection, implemented following intensive fundamental credit analysis that includes pricing in ESG risks. The options overlay will hedge high-conviction positions by mitigating the impact of any broad-based material deterioration in credit markets.

Andrew Jackson, Head of Fixed Income, said: “We view flexibility and risk management as the most important tools in any fixed income asset manager’s toolkit. It is for that reason that we continue to utilise security selection and ESG as primary tenets of our approach. Together with our highly skilled, integrated team with expertise across the liquid-credit markets, asset-based lending and derivatives, we seek to further diversify the underlying universe of global assets, extend the ability to deviate meaningfully from benchmarks, and to fully utilise the range of credit instruments as risk mitigation tools.”

Fraser Lundie, Co-Head of Credit and Lead Credit Portfolio Manager, said: “As investment conditions change, we aim to capture superior relative value throughout credit markets and offer a dynamic credit-allocation solution to investors seeking to outsource their full credit exposure, or enhance more traditional allocations. Unrestricted by security type or geographical silos, our unconstrained approach allows us to maximise total returns by investing across the full credit spectrum.”

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Andrew Jackson Head of Fixed Income Andrew joined Hermes in April 2017 as Head of Fixed Income. He is responsible for leading the strategic development of Hermes’ credit and direct lending investment teams, and developing a multi-asset credit offering capable of accessing all areas of the global credit markets for pension funds and other long-term institutional investors. Andrew joined from Cairn Capital where he was Chief Investment Officer. In this role, Andrew was responsible for the development of the asset management business, which included designing new products and managing the investment teams, including strategy, portfolio management and research. He has managed assets across the spectrum of global credit and fixed income. He was previously Vice President, European Credit Structuring at Bank of America, and has held roles with Fitch Ratings and PricewaterhouseCoopers. Andrew holds a BSc degree in Mathematics & Theoretical Physics from Kings College London.
Read all articles by Andrew Jackson
Fraser Lundie, CFA Co-Head of Credit and Senior Credit Portfolio Manager Fraser joined Hermes in February 2010 and is Co-Head of Credit and lead manager on the Hermes range of credit strategies. Prior to this he was at Fortis Investments, where he was responsible for European high yield credit. Fraser graduated from the University of Aberdeen with an MA (Hons) in Economics; he earned an MSc in Investment Analysis from the University of Stirling and is a CFA charterholder. In 2017, Fraser joined the board of CFA UK, a member society of the CFA Institute. Having previously featured in Financial News’s ‘40 Under 40 Rising Stars of Asset Management’, an editorial selection of the brightest up-and-coming men and women in the industry, in 2015 Fraser was named as one of the top 10 star fund managers of tomorrow by the Daily Telegraph. In 2016, Citywire Americas named Fraser number one in their global high yield manager review, and InvestmentEurope and Investment Week both named the Hermes Multi Strategy Credit Fund top global bond fund at their respective 2017 Fund Manager of the Year Awards. CFA® is a trademark owned by the CFA Institute.
Read all articles by Fraser Lundie, CFA

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