(Adds background on Gramercy)
Amy Or, The Wall Street Journal, June 29, 2010
NEW YORK (Dow Jones)--Emerging market-focused investment manager Gramercy is looking to expand beyond its traditional stronghold of distressed debt investments into performing sovereign and corporate debt by bringing in two J.P. Morgan Chase & Co. (JPM) portfolio managers, Jeffrey Grills and Gunter Heiland.
"There are still a large amount of distressed opportunities, but the sweet spot is in U.S. dollar sovereign and corporate bonds," Grills said. "While local currency sovereign bonds have compelling valuations, we are seeing that a number of countries are starting to go down the path of a rate hiking cycle. So local currency sovereign bonds may present better opportunities six to 12 months down the road."
The pair were most recently co-heads of J.P. Morgan Asset Management's emerging markets debt group, where the asset under management peaked at $12 billion.
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