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Schroders builds in-house convertible bonds team

Schroders builds in-house convertible bonds team

Schroders has established an in-house convertible bonds team which is set to oversee $2.1 billion in assets under management.

The four-strong team, which will be based in Zurich, is made up of three former members of bond boutique Fisch Asset Management.

These are Citywire + rated manager Peter Reinmuth, product specialist Martin Kuehle and senior convertibles trader Urs Reiter. They will report to Philippe Lespinard, CIO for fixed income at Schroders.

During their time with Fisch AM, the trio ran the Schroder ISF Global Convertible Bond and Schroder ISF Asian Convertible Bond funds on mandate.

Joining the three former Fisch AM personnel is fund manager Damien Vermonet, who joins from French boutique Acropole AM.

Vermonet had been lead manager on three convertible bond funds and the Acropole Global High Yield during his tenure with the firm.

In his new role, he will also be based in Zurich and report to Reinmuth.

Commenting on the hires, Lespinard said: ‘Convertible bonds are an attractive asset class for our clients worldwide, in addition to the firm’s existing credit and equity capabilities.’

The Schroder ISF Asian Convertible Bond A Acc fund has returned 4.02% over the three years to the end of October 2013. This compares to a rise of 1% by its Citywire benchmark, the Jefferies Active Convertible Asia ex Japan index, over the same period.

The Schroder ISF Global Conv Bond A Acc has returned 18.91% over the three years to the end of October 2013. This is while the UBS Global Convertible EUR Hedged, its Citywire benchmark, rose 23.37%.

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