BlueBay Asset Management has hired a specialist duo to its global leveraged finance team.
Jean-Yves Guibert and Marc Kemp will join the fixed income firm as senior credit analyst in high yield and as institutional portfolio manager respectively.
Guibert joins the fixed income manager from BNP Paribas, where he was head of European high yield sector specialists, while Kemp was previously at JPMorgan, where he was managing director and head of European high yield sales.
Justin Jewell, co-head of global leveraged finance long only at BlueBay, says: “In normal credit cycles, the period of market stress is usually sharp but short lived and corresponds with worsening economic conditions. This cycle could be very different, as the distortions created by zero interest rate policies and quantitative easing and their reversal will likely result in economic and credit cycles that are less closely aligned. We would further argue that this cycle will likely show a lengthier period of spread widening, as defaults are likely to occur over a longer period.
“The dynamic is such that individual credit selection is essential in this cycle and investors need to understand that volatility will continue to feature for the foreseeable future. For this reason, the appointment of Jean-Yves and Marc will continue to enhance our sector coverage and our client interactions.”
BlueBay manages $57bn (£40bn) assets as of 31 December 2015.