Emerging Markets Debt Team
Four pillars set the foundation for the emerging markets debt team’s investment process—and align with our larger purpose of delivering strong client results.
| Dynamic Mindset | Quick-thinking and curious, we relentlessly press onward—exploring local markets, deepening our expertise, and forging new relationships with key players around the world. |
| Skilled Risk Managers | Well aware of the volatility inherent in our asset class, we take extraordinary measures to manage region-specific risks—focusing on diversification and integrating ESG analysis. |
| Durable Process | We follow a rigorous investment process designed to perform consistently over time—specifically, in the face of volatility, limited transparency, and complexity. |
| Driven by Purpose | As investment professionals, what motivates and inspires us most is our responsibility to others—be it to our clients or our colleagues. |
Dynamic Mindset
Many of us come from emerging markets, and that has exposed us to some rough conditions. I grew up in Brazil, and when I started my career, inflation was 100% a month. We carry those experiences for life, so we see volatility as an opportunity for emerging markets investors.
Marcelo Assalin, CFA, Partner
HEAD OF EMERGING MARKETS DEBT TEAM
COMFORTABLE WITH COMPLEXITY
It’s different speaking to a Brazilian person than a Turkish person or to a Chinese person. You need to be very respectful and very flexible. It’s really about just being comfortable with all of these different countries.
Anezina Mytilinaiou
It’s different speaking to a Brazilian person than a Turkish person or to a Chinese person. You need to be very respectful and very flexible. It’s really about just being comfortable with all of these different countries.
Anezina Mytilinaiou
We’re comfortable not just with multi-tasking, but with multi-everything. We have to incorporate varied inputs, from local dynamics to global geopolitics, from macro conditions to the micro environment.
Luis Olguin, CFA
We’re comfortable not just with multi-tasking, but with multi-everything. We have to incorporate varied inputs, from local dynamics to global geopolitics, from macro conditions to the micro environment.
Luis Olguin, CFA
We look for people who are curious about things that happen outside of their comfort zone. People who like to be challenged. And people who like complexity, because it is a complex asset class.
Jared Lou, CFA, Partner
We look for people who are curious about things that happen outside of their comfort zone. People who like to be challenged. And people who like complexity, because it is a complex asset class.
Jared Lou, CFA, Partner
You’re regularly waking up to a headline that you didn’t expect and need to respond very quickly to that. You always have to be on your toes, and that excites me.
Yvette Babb
You’re regularly waking up to a headline that you didn’t expect and need to respond very quickly to that. You always have to be on your toes, and that excites me.
Yvette Babb
Video | 00:50
In our target markets, research coverage is often limited. Over many years of travel and one-on-one conversations, we have developed an irreplaceable network of contacts in both the public and private spheres.
Diverse Journeys, Same Destination
With 10 different nationalities across our team, and coming from varying backgrounds, we can have discussions that are objective yet well-informed by deeply personal insights.
Skilled Risk Managers
Risk management is not about not taking risks. It’s about understanding your risks and risk correlations.
Marco Ruijer, CFA, Partner
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM
COMFORTABLE WITH COMPLEXITY
We don’t want any one or two dominant positions to drive performance. We want as many good ideas as possible to drive performance collectively. I believe this allows you to be a lot more consistent in terms of how you generate alpha.
Dan Wood
We don’t want any one or two dominant positions to drive performance. We want as many good ideas as possible to drive performance collectively. I believe this allows you to be a lot more consistent in terms of how you generate alpha.
Dan Wood
Johny Chen, CFA
Johny Chen, CFA
Video | 00:53
To improve our ability to deliver risk-adjusted returns over time, we developed an innovative approach to viewing and structuring portfolio risk. Marco Ruijer, CFA, partner, a portfolio manager on our emerging markets debt team, explains.
Focus on risk: governance + environment
Lewis Jones, CFA, FRM
Lewis Jones, CFA, FRM
Jared Lou, CFA, Partner
Jared Lou, CFA, Partner
Durable Process
We’re trying to understand the world. We speak to the governments of different countries and independent researchers, and we translate that information into something very measurable through a structured investment process.
Yvette Babb
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM
Top Down + Bottom Up
Our investment process relies on a framework that works across regions and is compatible with both quantitative and qualitative inputs—but even when we must rely on intuition, we employ the same underlying systematized approach.
OPEN DIALOGUE = TRUST
When a final decision is made, it’s clear to everyone why we got there. There’s not someone unilaterally pounding a fist on the table and saying, “It’s going to be this way because I want it that way.”
Mariana Villalba, CFA
PORTFOLIO MANAGER AND CORPORATE CREDIT ANALYST, EMERGING MARKETS DEBT TEAM
When a final decision is made, it’s clear to everyone why we got there. There’s not someone unilaterally pounding a fist on the table and saying, “It’s going to be this way because I want it that way.”
Mariana Villalba, CFA
PORTFOLIO MANAGER AND CORPORATE CREDIT ANALYST, EMERGING MARKETS DEBT TEAM
Dan Wood
Dan Wood
Video | 01:34
It takes a lot of information to manage our emerging markets debt portfolios, so we developed a custom dashboard that connects sovereign and corporate credit analysis.
Driven by Purpose
At the heart of our team culture is a deep and sincere camaraderie. I’m happiest when the entire team gets together to debate and challenge each other, because that’s when I really see how powerful this team is.
Marcelo Assalin, CFA, Partner
HEAD OF EMERGING MARKETS DEBT TEAM
Video | 00:33
Having worked together for so long, we are committed to each other both professionally and personally. Our team members explain.
Ultimately, we’re all trying to achieve a common objective. Both structurally and philosophically, our primary focus is on maximizing the risk-adjusted returns we can generate for our clients.
Clifford Lau, CFA
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM
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