First State launches high yield team

First State Investments has unveiled a new high yield fixed income team to be led by Matt Philo, who it recruited last May.

The New York-based team will work closely with First State’s existing fixed income teams across the US, Asia and EMEA.

Philo, head of high yield and lead portfolio manager, was previously executive managing director and head of high yield at MacKay Shields, with responsibility for over $22bn in group assets.

His new team includes Michael Elkins, formerly of Avenue Capital and Jason Epstein, previously managing director at Oak Hill Advisors, who both joined First State in September.