UK- Multi manager SEI Investments has added Fischer Francis Trees & Watts and Alliance Capital Management to its fixed income manager line up. SEI maintains the new appointments will give broader access to the global developed fixed income markets.
James Martielli and Rodney Gaskell head the research team that will oversee the global bond strategy. Martielli was recently appointed director of SEI’s global and high yield fixed income strategies having been an investment strategist for UK and European fixed income.
SEI’s previous global bond strategy was managed on a regional basis split into US and non-US. Gaskell says this approach prevented investors taking positional bets, something that will now be possible as both are managers will be using the Lehman global aggregate.
Martielli says they chose the two managers because of their differing approaches to global fixed income management. Fischer specialises in global bonds and has a top down, macro approach taking country and currency positions.
SEI maintains the appointments are due to a dramatic change to the fixed income universe in the last few years. “Worldwide there has been a trend away from global bond indices that represent only sovereign bonds, towards global aggregates indices that include corporate bonds and mortgage-backed securities,” says Martielli.
“With the growth of the credit markets outside the US and the development of global aggregate investment approaches, we enhanced the strategy to exploit the broader range of return opportunities now available.”