Disclaimer: Views in this blog do not promote, and are not directly connected to any Legal & General Investment Management (LGIM) product or service. Views are from a range of LGIM investment professionals and do not necessarily reflect the views of LGIM. For investment professionals only.

Uday Patnaik

Head of Emerging Markets Debt

Uday is responsible for developing LGIM’s emerging market capabilities within the Active Fixed Income team. Uday joined LGIM in April 2014 from Gulf International Bank (UK) Ltd where he held the title of Chief Investment Officer with primary responsibility for managing the flagship EMD hedge fund and other fixed income portfolios. Prior to that, Uday set up the Bear Stearns’ Eastern European sovereign trading desk in London, and at Merrill Lynch in New York helped manage the firm’s Latin America exposure and build the institutional customer base. Uday has an MBA in finance from the University of Chicago and a BSc degree in industrial management from Carnegie Mellon University.

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Fixed income

EMD 2021 outlook: nine tailwinds for emerging market bonds

We believe at least nine factors underpin a positive outlook for emerging market debt in 2021.  ;
By Uday Patnaik

Fixed income

Emerging market credit: analysis and outlook

The impact of recent market movements on emerging market credit.;
By Uday Patnaik

Currency

Swimming with the currency: a turning tide for emerging markets?

Following the recent price action in emerging markets (EM), we zero in on the effect that currency can have on your EM bond portfolio’s performance. But how much of currency investing is a watertight science, and how much is carried by the wave of popular opinion?;
By Uday Patnaik

Investment strategy

Rev up: engineering an emerging market debt portfolio

With a myriad of different dynamics to the rest of the fixed income world, the task of constructing an emerging market debt (EMD) portfolio can feel like an overwhelming one. In this first post of a new series on EMD investing, we examine the nuts and bolts of putting a portfolio together, and give you a peek under the bonnet of our latest thinking.;
By Uday Patnaik

Economics

EM exports and US protectionism

The revised Trans-Pacific Partnership (TPP) agreement was finally signed in March - over a year after President Trump removed the United States as a signatory. We take a quick look at how much emerging markets depend on the US as a trading partner.;
By Uday Patnaik

Authors from the same team (20)

Adil Mirza

Fund Manager, Credit

Adil has worked in the finance industry for over 15 years, with a particular focus on fixed income markets. In his spare time (when he’s not thinking about the world and market impacts) he enjoys cycling up mountains.

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Alex Mack

Fund Manager, Active Fixed Income

Alex is a Fund Manager in the Active Fixed Income team. Alex joined LGIM in 2013 as a graduate. Alex holds an MPhil in Economics from the University of Cambridge, St Catharine’s College, and a BEconSc in Economics from Manchester University. Alex also holds the IMC.

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Amélie Chowna

Senior Fixed Income Specialist

Amélie joined LGIM in 2011 from AXA IM where she held the title of Fixed Income Portfolio Controller. She held various roles within LGIM before joining the Global Bond Strategies team as a Quantitative Analyst in 2014 and eventually became a Portfolio Manager. In 2020 she joined the Fixed Income Product Specialist team as an Investment Specialist. Amélie graduated from ESSEC Business School in 2009 and holds an MBA. She has been a CFA Charterholder since 2016.

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Colin Reedie

Co-Head of Global Fixed Income

Colin has responsibility for the London based fixed income team as well as overall portfolio management responsibilities for our Global Credit and Core Plus strategies. Colin joined LGIM in 2005 from Henderson Global Investors where he was Head of Investment Grade Credit Fund Management. He has 25 years’ experience in bond markets, specialising in non-government debt, and he has previously worked for Henderson Global Investors, Scottish Widows and Scottish Amicable.

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Connor Tuttle

Senior Portfolio Manager

Connor is a Senior Portfolio Manager within the Fixed Income Solutions team at LGIM America. Connor joined LGIM America in 2017 from TCW Group in Los Angeles, where he was a member of the fixed income portfolio management team. Prior to TCW, Connor worked at UBS Global Asset Management in Chicago, where he was a Fixed Income Specialist focused on credit strategies. Connor is a CFA Charterholder and holds a Bachelor of Business Administration in Finance, Investment & Banking from the University of Wisconsin-Madison School of Business.

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Corinne Lewis-Reynier

Head of Fixed Income Investment Specialists, Active Fixed Income

Corinne joined LGIM in September 2018 as Head of Fixed Income Investment Specialists. Corinne has over 20 years' experience working across a range of functions at some of the largest global asset management firms. Prior to LGIM Corinne spent six years at BlackRock as head of European product specialists and senior portfolio manager for short duration strategies, overseeing international assets under management of $125 billion across multiple strategies and currencies.

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Dan Lustig

Senior Credit Analyst

Dan is a senior credit analyst covering financial institutions in the Pan-European Credit Research team. Dan joined LGIM in August 2011 after spending over five years as Head of Investment Research at Mitsubishi UFJ Trust International where he focused on European and US financials and hybrid instruments. Prior to that, Dan was an equity fund manager at Lloyds TSB Private Banking focusing on insurance, telecoms, utilities and industrial sectors. His previous professional experience includes roles in equity research and engineering. Dan holds an MBA from Rotterdam School of Management (Erasmus University) and a BSc in Computer Science, Statistics and Operation Research from Tel-Aviv University. He is a CFA Charterholder.

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Firat Bayraktar

Credit Analyst

Firat is a Fixed Income Credit Analyst within the Global Fixed Income team with a focus on financial institutions. Firat joined LGIM in 2016 from Moody’s Investors Service where he was an analyst covering EMEA banks. Prior to that, he was an analyst at Citi Corporate & Investment Banking within the financial institutions team, following long-term placements at Rothschild and Santander in mergers and acquisitions. He holds a Master’s degree from European Business School, Paris and he is a CFA charter holder. Firat grew up in Istanbul. Contrary to popular belief, he was subject to all four seasons and sailed and swum competitively, as well as taking advantage of the mountainous terrain and becoming a keen snowboarder.

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Ian Hutchinson

Portfolio Manager

Ian manages LGIM's sterling credit investment grade portfolios and is lead manager for the over ten year strategy. Ian joined LGIM in 2004 and has previously worked for Insight Investment and Aviva Investors.

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James Odemuyiwa

Senior Credit Analyst

James is a senior credit analyst within the Global Fixed Income team. He joined LGIM in 2011, and his sector coverage includes autos, industrials, transportation and healthcare. He is particularly interested in possible risks to credit investing from future mobility trends. As a fervent Newcastle United fan, James is well adjusted to considering potential downside which he believes makes him highly suited to a role in credit analysis!

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John Gray

Emerging Markets Analyst, Active Fixed Income

John is an emerging-markets credit analyst with responsibility for helping to develop LGIM’s emerging-markets capabilities within the Global Fixed Income team. John joined LGIM in 2015 from The Royal Bank of Scotland (RBS) where he was a vice president within the EM Credit Trading team. Prior to joining RBS, John trained as a Chartered Accountant with PwC in Edinburgh before moving to South Africa with Ernst & Young.

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Jonathan Constable

Senior Credit Analyst

Jonathan joined LGIM as a senior credit analyst in October 2013 with lead responsibility for the utilities sector. Jonathan spent nearly five years as an equity research analyst at Nomura International where he focused on UK and Italian utilities. Prior to this he worked as a consultant with Ernst & Young for over four years, including advisory roles on UK infrastructure projects in the health sector. Jonathan holds an MA in mathematics from the University of Cambridge. He is a chartered accountant and CFA charterholder.

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Karen Ng

Emerging Markets Analyst, Active Fixed Income

Karen is responsible for LGIM’s cashflow matching strategies within portfolio solutions. Karen joined LGIM in 2018 from Fidelity International where she held the title of Investment Specialist. She focused on emerging-market debt and Asian investment-grade strategies in fixed income investments. She contributed to expanding the Asian fixed income franchise and engaged clients in both institutional and wholesale channels.

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Lan Wu

European Investment Grade Portfolio Manager

Lan is a euro credit portfolio manager in the Pan European Credit team, having joined LGIM in September 2010 as assistant to the fund manager. Previously Lan was at Hedge Funds Investment Management where she worked as a part-time research analyst in their Investment team. Prior to this, Lan completed internships with China Lion Securities in China, in their investment banking department, and with UBS, London where she worked in their fixed income, currencies and commodities division. Lan holds a MMath in Mathematics and statistics from Oxford University as well as an MSc in Finance at Imperial College London. Lan is a CFA charterholder.

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Madeleine King

Co-Head of Global Investment Grade Research

Madeleine joined LGIM in 2015 from Credit Suisse where she worked as a credit trading desk analyst for five years. Prior to that, she was a TMT research analyst at HSBC and Barclays Capital. Madeleine graduated from the London School of Economics and holds a first class BSc in Business Mathematics and Statistics.

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Marc Rovers

Co-Head of European Credit

Marc is co-head of the euro credit portfolio management team. He joined LGIM in May 2012 as a portfolio manager in the Pan European Credit team. Marc previously spent 12 years at Blackrock, first as a senior portfolio manager within Philips Investment Management in Eindhoven and then as Director, Investment Manager in London, where he was responsible for the management of non-financial investment grade portfolios and a portfolio manager for two Asian credit portfolios. Marc started in the industry in 1995 as a portfolio manager at ABP investments (now APG). He graduated from Tilburg University, Netherlands with an MSc in economics and is a Certified European Financial Analyst (CEFA).

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Mark Benstead

Head of Pan European Credit

Mark is the Head of Pan European Credit with responsibility for sterling and euro investment-grade credit teams. He is the lead fund manager on the sterling flagship retail funds. Mark joined LGIM in 2014 from AXA Investment Managers where he held the title of Head of Credit, UK. Mark was closely involved with AXA’s successful entry into the buy and maintain credit strategy as well as delivering above-target performance on a range of segregated and annuity funds. Prior to that, he was at the Royal Bank of Canada in a variety of senior capital market roles, latterly as Managing Director, Head of Syndicate and European Debt Capital Markets. Mark graduated from the University College of North Wales with a BA (hons) in Economics in 1984 and from the University of Bradford Management Centre with an MBA in 1985. He also holds the Investment Management Certificate.

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Martin Reeves

Global Head of High Yield

Martin runs a team of high-yield professionals focused on global opportunities. He joined LGIM in September 2011 from AllianceBernstein, where he worked for 13 years. Martin was a founding director of the European High Yield Association and was Co-Vice Chair of the Association for Financial Markets in Europe’s High Yield Board. He qualified as a chartered accountant with Ernst & Young and gained a MA from St Catharine’s College at the University of Cambridge, where he read Economics.

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Raza Agha

Head of Emerging Markets Credit Strategy

Raza Agha joined LGIM as Head of Emerging Markets Credit Strategy in February 2019. He has over 17 years of experience in EM sovereign credit/macro research and strategy at commercial, investment, multilateral and central banks. Raza was most recently at VTB Capital in London where he was Chief Economist, Middle East and Africa, while also servicing internal clients on global emerging markets. He has previously worked with the Royal Bank of Scotland, Samba Financial Group, Bear Stearns, Central Bank of Pakistan, Abn Amro, and has been a consultant to the World Bank and Asian Development Bank. Raza graduated from Cornell University with two Master’s degrees in public administration and development policy. His undergraduate degree is in Economics from University College London.

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Simon Bell

Fund Manager

Simon is a fund manager within the Active Fixed Income team, where he manages global rates portfolios. He joined LGIM in 2012 from Aberdeen Asset Management where he had a similar role, prior to which he was involved in LDI and trading, with a total of 20 years' investment experience. Simon graduated from Bournemouth University with a BA (hons) in Financial Services and holds the IMC.

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