Ignis head of credit portfolio management Chris Bowie is using the strong rebound in risk appetite today to accelerate the group's de-risking in credit markets.
Bowie says the group could potentially offload £10m to £20m of risk assets today, more than the usual £2m to £3m, with most of Ignis' sales centred on long-dated senior financial debt. Risk assets are performing strongly today as investors were buoyed by news China may move away from the currency peg to the US dollar. "The rally today has allowed us to continue our current theme of de-risking the portfolios, as we expect the headwinds in the global economy to persist for some time," Bowie says. "We will be looking to reinvest the money in credit at some stage, but at a sector level...
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