First State launches new high yield fixed income team

Ridhima Sharma
clock • 1 min read

First State Investments announced the launch of a new high yield team led by Matt Philo to further expand the firm’s global fixed income capability. The addition of the new team reflects First State’s strategy of continuing to build out its global fixed income business, to ensure it can offer existing and prospective clients access to their best investment thinking across the fixed income spectrum.

Based in New York, the high yield team of five investment professionals will manage dedicated sub-investment grade corporate bond portfolios. The team will collaborate closely with First State’s existing fixed income teams across the US, Asia and EMEA and share investment views and ideas through First State’s proprietary, technology-based platform; the Investment Opinion Network (‘ION’).

Matt Philo, head of high yield and lead portfolio manager joined First State in May 2016, and has since established a world-class team of experienced high yield professionals. Previously Matt was executive managing director/head of high yield at MacKay Shields LLC, with responsibility for over $22bn in group assets.

This new team includes Michael Elkins, formerly of Avenue Capital and Jason Epstein, previously managing director at Oak Hill Advisors, both of whom joined First State in September 2016.

Paul Griffiths, CIO fixed income and multi asset solutions at First State said, ‘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. The recruitment of Matt and the broader team illustrates our commitment to recruiting top quality investment talent in support of achieving our clients’ objectives.’