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First State creates high-yield bond team

First State creates high-yield bond team

First State has made the first step towards offering high-yield bond strategies by establishing a dedicated team led by Matt Philo.

Mr Philo has created a team that includes Michael Elkins and Jason Epstein, who joined from US firms Avenue Capital and Oak Hill Advisors respectively towards the end of 2016.

Mr Philo, who also joined First State last year, from MacKay Shields, is now head of high-yield and lead portfolio manager. 

The trio will be based in First State's New York office and will focus on running sub-investment grade corporate bond portfolios. They will also feed into the firm's other global bond offerings.

The asset manager already has an established presence in the fixed income space courtesy of teams in London, Australia and across its offices in Asia.

Paul Griffiths, the firm's fixed income and multi-asset chief investment officer, said the recruitment of the team emphasised First State's commitment to offering higher yielding products to clients.

"The addition of the high yield team in New York further strengthens First State’s global fixed income capability and expertise in areas of proprietary research and portfolio management," he added.