It is hard for active bond management to compete with bond index funds and ETFs.
Phil Condon, head of municipal bond portfolio management for DWS Investments, says he is selling regular munis to snap up more kicker bonds.
WSJ: SmartMoney: Watch Out! These Municipal Bonds Come With a Bit of a Kick
Pacific Investment Management 's Co-Chief Executive Mohamed El-Erian will single-handedly run the world's largest bond fund management company when Bill Thompson--half of the company's executive team--retires at the end of the year, Pimco said Friday.
PIMCO, a bond fund-management firm, reckons that this was a hint that the Fed chairman would try to keep house prices rising, come what may.
BlackRock has thrived in recent years for two reasons it has had a particular strength in bonds during a bull market for such instruments, and the bond side of investment management seems to benefit from scale.
Will Alan Greenspan help the bond whiz behind Pacific Investment Management get his mojo back?
Big news this week from behemoth bond fund group Pacific Investment Management Company (PIMCO).
It is the biggest centre for fund management and international bond-trading.
Redknapp made over 100 appearances for Bournemouth as a player in the early 1970s under the management of John Bond - father of current Cherries boss Kevin Bond.
Bit by bit, the standard components of modernity were put into place, including stock, bond and commodity markets, asset management and credit analysis.
One big winner, however, was bond-fund giant Pacific Investment Management Co.
Launching Barai Capital Management together created a bond between Messrs.
Among its best performing funds are the Virtus Multi-Sector Short Term Bond Fund run by Newfleet Asset Management and its Emerging Markets Opportunities Fund run by Vontobel Asset Management.
The third came in 1998 when the long-term capital management debacle and Russia's default sent low-grade bond prices plummeting, crushing high-debt REITs like Criimi Mae and Laser Mortgage Management with margin calls.
"I try to read everything he writes, " said Mohamed El-Erian, the chief executive and co-chief investment officer of Pacific Investment Management Company, the giant bond investor.
"That suggests investors expect the new leaders will try to avoid any bond default, " says Wang Yingfeng, a bond-fund manager at Yaozhi Asset Management Co. in Shanghai, which has two billion yuan in assets under management.
Maria Cannata, the head of the Italian Treasury's debt-management agency, is initiating a special bond for individual investors.
Decades ago I observed that my pension clients paid 30-50% more for cash management than they paid their most talented bond managers.
FORBES: Pensions Demand Return of Global Custodian Bank Overcharges
Bill Gross, a fixed-income champion at Pimco, an American asset-management firm, predicted last September that bond returns will outstrip equities until share prices fall to their fair value, that is, until the Dow Jones Industrial Average is at 5, 000 rather than today's 8, 000-odd.
ECONOMIST: Investment: In search of those elusive returns | The
E-Trade moved into asset management in February 1999 and set up a bond center four months later.
In the past week, the China Securities Regulatory Commission, the country's top securities watchdog, has instructed brokerage and fund-management firms across the country to examine their bond-trading books for irregularities.
He added Greenwich Capital, a bond-trading outfit, and Gartmore, an asset-management firm, the following year.
That's what sank Long-Term Capital Management three years ago, nearly taking down the whole bond market with it.
This month, HIP Investor and SNW Asset Management are teaming up to introduce an impact-rated bond portfolio, starting with muni bonds.
FORBES: Now Available: An Impact Investment-Rated Bond Portfolio
The story is similar with its top bond fund, the Virtus Multi-Sector Short Term Bond Fund, run by Virtus-owned money manager Newfleet Asset Management.
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In September the principals of Long-Term Capital Management, an American fund that hunts for gaps in the bond markets (and has been much fawned over by financial journalists), announced that it was returning some of its investors' money because it could not find enough profit opportunities.
One consequence: a higher proportion of wealth-management products must be invested in highly liquid money-market and bond-market instruments, which offer lower returns.
The Washington Post and Newsweek management team made a number of these errors including disrupting the sacred bond between editors and loyal subscribers.
But, as the central bank has recognised, there is also scope for cutting the debt-service burden by improving the management of debt issues, and by increasing the liquidity of government-bond markets.
Banks' use of the three-year loans also means current holders of bank debt would stand behind the ECB in the line to collect if a borrower collapsed, so "it has become even more expensive for banks to fund in the wholesale bond market, " said Ben Bennett, credit strategist at Legal and General Investment Management.
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