Many investors have extensive allocations to government and corporate bonds. However as spreads have tightened and yields fallen, some have begun to look for yield in other parts of the fixed income market, such as Asset Backed Securities (ABS), where yields have been less suppressed by the ECB purchase program.
ABS bonds offer secured exposure to a diverse range of consumer credit, for example, mortgages, automobile loans, student loans and credit card receivables. But also some other collateral types, that are not easily investable otherwise. In this session Frank Meijer, Head of Alternative Fixed Income at Aegon Asset Management, will discuss the unique opportunities offered by ABS, including:
- Attractive yields - European ABS offers higher yield than most other global fixed income asset classes;
- Diversification of risk - ABS bonds have low correlations with most other major asset classes and offer exposure to consumer debt, compared to traditional government and corporate markets; and
- Short duration - ABS bonds are floating-rate bonds, and hence less sensitive to interest rate volatility.
Aegon Asset Management has a dedicated team of over 20 ABS professionals who manage approximately €15 billion globally, of which €5.2 billion is in European ABS (31 December 2019).
Matteo Riccardi, CFA, CIPM, CAIA, FRM - Vice-President - CFA Society Italy
Nadia Bucci, CAIA - Head of Wholesale Italy - Aegon Asset Management
CFA, CIPM, CAIA, FRM - Vice-President - CFA Society Italy
Matteo Riccardi is member of the Board of CFA Society Italy since 2011 and Vice-President since 2017. He is Chief Investment Officer for the Italian Insurance Group Bipiemme Vita (part of the French Group Covéa) since 2017. He approached the insurance investment management sector in 2004, joining the Italian Business Unit of Zurich Insurance Group, where he worked for 13 years, serving as Chief Investment Officer for Italy from 2014 to 2017 and, before that, as Head of Securities Investment and ALM senior analyst. Prior to this experience, he worked in the Risk Management Department of Eptafund Sgr (now part of Eurizon Capital) in Milan and in Dublin for three years. Matteo graduated from Bocconi University in Finance and Financial Management Services in 1999, he is CFA Charterholder since 2004 and he has also achieved the CIPM, CAIA and FRM designations.
Elena Delfino, CFA - Business Development Manager - Aegon Asset Management
CAIA - Head of Wholesale Italy - Aegon Asset Management
Nadia Bucci joined the firm in 2014 as a business development manager. Her role involves developing relationships with retail and institutional clients in continental Europe, primarily in Italy, Spain and Portugal. Prior to joining us Nadia was responsible for business development at Osmosis Investment Management and at Acropolis Capital. Nadia has a master’s degree in Quantitative Finance & Risk Management and a degree in Business Administration, both from the Bocconi University in Milan. She also holds the Investment Management Certificate and Chartered Alternative Investment Analyst qualification. Nadia speaks Spanish, English, Italian and French. She has 16 years’ experience in the financial industry.
CFA - Business Development Manager - Aegon Asset Management
Elena Delfino joined the firm in June 2016 as a Business Development Manager in our Continental European wholesale team. She is responsible for building relationships with clients in Italy, Spain and Portugal, including banks, insurance companies and family offices. Before joining us she worked for Neuberger Berman as a client associate, covering institutional and intermediary channels in Italy, Spain and Portugal. Elena studied International Management at the Bocconi University in Milan. She has 9 years’ financial services experience. She is a CFA Charterholder since 2017.
The ABC of European ABS
Frank Meijer, PhD - Head of Alternative Fixed Income - Aegon Asset Management
PhD - Head of Alternative Fixed Income - Aegon Asset Management
Frank Meijer, PhD joined Aegon Asset Management in 2005. Frank is head of Alternative Fixed Income and head of the European ABS & Mortgages team. He is also a member of the Asset Liability Committee of Aegon Bank and a permanent guest lecturer at the Amsterdam VU University. Prior to his current role, he was also responsible for the Quant Group and has set up the Structured Credit Desk. Before joining Aegon Asset Management, Frank worked at ABN AMRO in the Credit Risk Modelling & Product department. Frank holds an MSc in Physics, cum laude, from University of Groningen and a PhD in Physics from Delft University of Technology.
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