Offering the best risk-adjusted yield

We have been present on the bond markets for more than 30 years. Our strategies benefit from extensive historical data that demonstrates the robustness of our process in different market cycles and the efficiency of a management approach that places credit analysis at its heart.

Philippe Noyard
Global Head of Fixed Income
What characterises our management is the addition of three essential elements: the perfect knowledge of issuers, independent of the market and agency ratings, rigorous risk control and our ESG approach, in particular on two specific axes: governance and climate risk.


Risk management at each step of our process

In our investment choices, we refuse to select issuers that cannot prove their full responsibility. Commitment to performance, rigorous risk control and the monitoring of ESG criteria are the hallmarks of our management.


A full commitment

Our first conviction is to ensure the quality of the issuers selected in order to generate value for our clients’ portfolios. It is also important to us to support them in their ESG commitments to evolve towards a more virtuous business model.


Expanding our field of action

We provide a range of investment solutions that covers the entire European and global bond market: from short to long term, from the least risky to the riskiest, with benchmarks or decorrelated from the markets. Our ESG range is categorised as Article 9 according to SFDR classification on all fixed income segments.

Management with a fully independent view

Our investment philosophy is based on knowledge of the issuer, thanks to which we evaluate its capacity and motivation to repay its debt. We devote a great deal of effort to developing our own fundamental opinion of companies, independent of market valuation and agency ratings. This independent view is the cornerstone of our management.


Considering climate risk a top priority

Our investment philosophy places emphasis on strong knowledge of the governance of the issuer and its risk with regard to climate change – a non-tangible risk today could become a major differentiating factor tomorrow. We are determined to be fully aware of any risk taken in order to anticipate potential defaults.


Deploying alternative strategies

We prioritise conviction-based management on attractive asset classes (high yield, emerging), absolute return strategies in all bond segments seeking low-rate alternatives, and responsible management in response to societal and regulatory challenges.

Figures are worth a thousand words. 




Centers of expertise: Credit, Global bonds, Emerging Market Debt, Convertibles


of the strategies employ ESG integration


Highly qualified investment professionals


Pioneers in the field of credit, by developing trailblazing strategies in High Yield, absolute return and labelled sustainable credit. The attention we bring to changes in the market, combined with our desire to innovate, has led us to create state of the art investment solutions to be able to better respond to the needs of our clients. Active on credit markets since the creation of the Euro in 1999, our historic presence and our size make us one of the leading European actors in the sector.

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Emerging Market Debt

We believe that inefficiencies in Emerging Debt Markets create abundant long-term investment opportunities due to the multitude of credit, liquidity, market segmentation, policy, and geopolitical risk premiums.
External market environment or top-down factors are impossible to ignore as EMD is exposed to several global drivers like US Treasuries, Chinese growth, and Commodities. 

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Global Bonds

Interest rate movements, allocation between fixed income asset classes and sectors, credit selection and currencies are all potential sources of outperformance and absolute returns across our strategies.

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Money Market

With more than 30 years of track record in money market solutions and a team of 40 fixed income investment professionals, we provide money market strategies that seek to accommodate a broad range of investor needs.

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