Investment teams

The Bank of England (BoE) delivered a widely expected 25bp cut on Thursday, taking interest rates to a two-year low of 4%. But the real story was in the balance of views on the Monetary Policy Committee (MPC), which for the first time in its 28-year history had to conduct two rounds of voting and has forced markets to reassess the path of future rate cuts.

In describing how markets have been pricing risk in recent months, the word “complacent” has been uttered on multiple occasions. If that was your view, then Friday’s sharp risk-off move could be seen as a wake-up call, or at least evidence that investors are keenly watching for any change in the more benign macro story that has dominated recently.

Over the last week or so, the major UK banks have been reporting results for the first six months of 2025. Considering the noise around the UK’s fiscal situation and some softening in broader macroeconomic conditions, these releases offer another valuable data point for analysing the health of the UK economy and the operating environment of UK banks.

The European corporate hybrid market has been established for some time. It is dominated by investment grade issuers seeking to raise capital with limited impact on their leverage ratios, thanks to rating agency treatment that classifies hybrids as 50% equity and 50% debt from a balance sheet perspective.

The US and the European Union (EU) have reached a trade agreement, averting a worst-case scenario of a more damaging trade war.

In this short video, you learn more about the sources, into which our experts in fixed income investments tap under different market conditions with the aim of generating alpha, the core of active management.

A French CMBS transaction named River Green – a deal we exited a few years ago at a price in the mid-90s as part of a broader review of our CMBS exposure – has come under renewed scrutiny after a new valuation triggered expectations of principal losses on what were originally AAA rated bonds. Here’s how we got here.

The UK Office for National Statistics (ONS) issued their monthly summary of the UK government’s income and expenses as well as the impact these have on the budget deficit and fiscal debt levels.

The Trump administration’s immigration policy leaves the US labour market at a pivotal juncture.