FIXED INCOME RESEARCH
BY: MAHA KHAN PHILLIPS • PROFILES BY: STUART NEWMAN
LEONARDO DA COSTA, CFA
“F
ixed income has a lot more
top down decision-
making, where you analyse
the macro economic environment,
Title: Portfolio Manager
whereas equity is a lot more bottom
Current employer:
Hydra Capital Management
up and you try to fi nd good
Previous employers:
companies with good products,”
Aberdeen Asset Management explains Stéphane Monier, CFA,
University: University of Pretoria, South global head of fi xed income and
Africa currencies at Fortis Investments.
Degrees: Bachelors in Financial and
Still, there are a range of analyst
Investment Management
jobs available in the asset class. Macro
Professional qualifi cations: CFA
economic analysts think about where
the world is going, and where
What attracted you to this career path? infl ation is heading, explains Monier.
I developed an interest in fi nancial markets work at a young age. This Other analysts look at the trade
led me to study fi nance. On starting my professional career I was given worthiness of issuers, and whether
the opportunity to focus on emerging market fi xed income which, at
companies, and indeed sovereigns, are
the time, was one of the more fascinating and fast growing branches of
able to repay the debt they are taking
fi xed income.
on. A fi xed income analyst will follow
a group of names, whether they are
What are the major challenges you face in your position?
sovereign issues, corporate issues, or
Keeping things simple: there is an excess of information out there, so
fi nancial issues, or even structured
reducing it to what is necessary to make informed decisions is key.
credit, where an analyst will have to
Keeping up to date with the rapid pace of new developments is also
assess the ability of a structure to
diffi cult, especially as emerging market fi xed income becomes more
repay its debt.
accessible and mainstream. However, the most challenging and
“You have to be curious, and you
exciting aspect is trying to convert your analysis into making money.
have to ask a lot of questions,” explains
Monier. He believes fi xed income
Are there certain skills you would consider useful for your job?
analysts need technical competence,
Knowing how to prioritise as your time is one of your most valuable
curiosity, the ability to deal with
assets. Also helpful is a keen sense of interest in fi nancial markets and
ambiguity, and, humility, because it is
global developments as well as a strong analytical background, owing to
the mathematical aspect of fi xed income markets
the nature of the job that analysts can
not always get it right.
Cg
How do you think the role you’re in now will change over time?
Increased use of derivative and structured products, especially in the
emerging markets fi eld, and the increasing relevance of emerging
markets in global asset allocation, especially in local currency
“You have to be curious,
denominated fi xed income markets.
and you have to ask a
Do you have advice for someone intending to pursue the same
career path?
Try and gain an insight into as many areas of fi nancial markets as
lot of questions”
possible then select a role that most suits you. Most importantly,
always take advantage of opportunities as and when they come along. Stephane Monier, Fortis Investments
Be fl exible and work hard.
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