Not so long ago, the world of fixed-income investing seemed quite straightforward for many fund managers, certainly in terms of the areas they were expected to keep an eye on. “In the 1990s there were a small number of assets or asset classes that you had to look at, which were government bonds and currency,” says Ceris Williams, head of Fixed income and currency at Rothschild Asset Management in London.
Of course within those parameters there was a full range of countries and currencies with which to contend, each of which in the process brought with it a large number of cross-market plays and convergence trades.
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