Winterthur focuses on quality credit

pressey sees gilt yields at a low after 20 years of service on the fixed interest pension fund

Winterthur Fixed Interest Pension Fund manager David Pressey has seen gilt yields drop from 13.5% to 4.25% since he became an investment manager more than two decades ago. While many fixed interest managers are looking at the merits of derivatives or seeking extra returns in the junk bond market, Pressey, who runs £2.1bn of fixed interest assets, focuses on UK government and other high-quality bonds. Pressey became an investment manager in 1981, launching the Winterthur Fixed Interest Pension fund three years later. Since 1984 when the Fixed Interest fund launched, gilt yields have dropp...