Snowden bullish on bank debt

Despite last year's heavy loses, the OMAM bond manager returns to the asset class

Old Mutual Asset Management bond manager Stephen Snowden has been growing his position in subordinated bank debt despite being badly burned by it last year. Snowden, who spoke at the Morningstar Investment Conference, in association with the Institute of Financial Planning, says the market is too heavily dismissing the idea of investing in this asset class. "I lost a lot of money last year but have bought into them again. I am very bullish on credit," he says. "The general consensus now is bank bonds are toxic and worthless. I think that view is wrong. I was wrong to be in them when I...