Kames Capital has bought into the record $17bn corporate bond issue unveiled by Apple yesterday, saying the deal "has to be a buy" - but other fund managers are not so sure.
Andrew Fleming has stepped down from his role as chief executive and chief investment officer at Kames Capital.
The situation in Cyprus could have a far more negative impact on the credit market than it has so far, Kames Capital's Melanie Mitchell has said.
Philip Milburn, manager of the £1.5bn Kames High Yield Bond fund, is avoiding taking on extra risk in his portfolio this year, as he does not expect the extra yield on offer from CCC-rated bonds will be sufficient to make up for the default risk.
Bond managers have cut duration to record lows, anticipating a fresh spike in gilt yields as they settle at a higher trading range.
Kames Capital is to remove the performance fee on its Kames UK Equity Absolute Return fun, managed by David Griffiths and David Pringle, after reaching £100m in size.
Kames Capital's Phil Milburn is sticking with his underweight to European high yield within his £1.4bn High Yield Bond fund, although it has hurt performance over the past year.