JP Morgan Asset Management has won a mandate to manage an active global bond portfolio for Leicestershire County Council, a UK local authority.
The mandate will be invested in JP Morgan's strategic bond strategy, an unconstrained bond product managed by Bob Michele and Nick Gartside that invests in all kinds of fixed income. This includes high-yield bond, emerging market debt and covered bonds.
“Institutional involvement and interest in an unconstrained fixed income strategy is growing rapidly as institutional investors move from using fixed income as a pure portfolio hedge, as rates have hit generational lows, to a source of return,” said Gartside, who is international chief investment officer for fixed income at the firm.
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