Old Mutual, Steve Snowden

Old Mutual manager Snowden is running against consensus, feeling bonds are cheap and LBO activity can help markets

Click here to download pdf The inexpensive nature of bond markets at present has prompted Steve Snowden, manager of Old Mutual's Corporate Bond fund, to invest his own money in his portfolio for the first time. While his rivals are worried that leveraged buyout (LBO) activity is negatively affecting investment grade bonds, Snowden is using this to his advantage. Having joined Old Mutual from Aegon Asset Management in February 2004, his management has seen the fund achieve a first place ranking in UK corporate bonds. Between 2 February 2004 and 24 April this year, it made a bid to bid re...