Lombard Odier to merge global and emerging bond divisions

Lombard Odier Investment Managers (LOIM) is merging its global and emerging fixed income arms into a single unit.

The asset management arm of the Swiss private bank has moved to merge its two teams due to the rising correlations between bond market performance in emerging and developed markets. Gregor MacIntosh will head up the firm’s global and emerging fixed income teams. He argues ‘traditionally’ developed fixed income managers have been intently focused on understanding the economic growth and business cycle dynamics, while EM managers scrutinised the idiosyncratic risk in EM countries. However, he said emerging market returns have now become heavily reliant on developed market performance...