Fixed income asset managers

See Moorad Choudhry, Issues in the Asset Swap Pricing of Credit Default Swaps, in Frank J. Fabozzi (editor), Professional Perspectives on Fixed Income Portfolio Management Volume 4 (Hoboken, NJ John Wiley Sons, Inc., 2003). 

In today s asset management industry, organizations operations often extend beyond the European fixed income market. Controlling risk firm wide therefore calls for a detailed understanding of what the levels of risk in each market are and how markets interact with each other. The purpose of this last section is to provide a few elements of comparison between the euro and US dollar fixed income markets. 

Frank J. Fabozzi, Ph.D., CFA, CPA is the Frederick Frank Adjunct Professor of Finance in the School of Management at Yale University. Prior to joining the Yale faculty, he was a Visiting Professor of Finance in the Sloan School at MIT. Professor Fabozzi is a Fellow of the International Center for Finance at Yale University and the editor of the Journal of Portfolio Management. He earned a doctorate in economics from the City University of New York in 1972. In 1994 he received an honorary doctorate of Humane Letters from Nova Southeastern University and in 2002 was inducted into the Fixed Income Analysts Society s Hall of Fame. He is the honorary advisor to the Chinese Asset Securitization Web site. 

As discussed earlier, retail investors play only a small part in the market for U.S. fixed-income securities. Individual investors represent only 6 percent of the 15 trillion debt market,- the major customers are institutions, like mutual funds, asset managers, regional banks, pension funds, and other large investors. As such, large brokerage firms, while wanting to sell any product they can, do not view individuals as the big spenders—or the preferred customers. 

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