First State builds five-strong high yield team

Based in New York, the team is led by Matt Philo and will manage sub-investment grade corporate bond portfolios. Philo joined First State in May 2016 from MacKay Shields, where he was head of high yield. The team also includes Michael Elkins from Avenue Capital and Jason Epstein from Oak Hill Advisors, who joined First State in September 2016. The managers will collaborate closely with First State's existing fixed income teams across the US, Asia and EMEA and share investment views and ideas. Paul Griffiths, CIO for fixed income and multi-asset solutions, said: "The addition of the...