Active Fixed-Income
Mitigating risk - at the heart of the investment process
With a market environment in constant evolution, fixed income investors benefit from deep credit knowledge and the ability to quickly assess opportunities across the yield curve. The BMO Active Fixed Income Team incorporates this approach seeking to deliver attractive returns by combining their proven multi-factor (Yield curve, Credit spread, Carry + Rolldown) analysis and decades of experience across fixed income markets.
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Protecting our client’s capital remains at the centre of their investment process with rigorous risk oversight, including for environmental, social & governance (ESG) issues. The Team recognizes the different realities and challenges facing institutional investors and thus offers customized solutions to properly address those.
Benefits
True active management via a proven rigorous process.
Comprehensive risk assessment using proprietary tools, continuous monitoring and independent analysis.
Flexibility to build solutions tailored to each institutional investor’s needs.
Investment Philosophy
Investment process
Analysis/Forecasting:
Expectations about the future direction of interest rates, shape of the yield curve and credit spreads are determined to identify investment opportunities.
Portfolio Construction/Optimization:
The Team’s proprietary optimization model is used to examine the opportunity set and its output is used to help determine factor targets.
Implementation and Risk Management:
The Team’s proprietary Fixed Income Monitor aims to identify and quantify risk factors present in a portfolio.
Continuous Risk Monitoring:
The Team manages all risk factors daily to ensure that portfolios remain in line with the intended risk exposures.
Performance Attribution:
Attribution is conducted to determine not only a strategy’s viability, but to also isolate and quantify the factors that contributed to its success.
Bringing ESG into our valuation model
Meet the team
Tade Adebajo, CFA
Tade Adebajo works at BMO Global Asset Management (BMO GAM) with the Active Fixed Income team as a Credit Analyst. He is responsible for the analysis and coverage of various companies in the Natural Resources space. He is a CFA charterholder and has a bachelor’s degree in economics and finance from McGill University.
Yibo Zhang
Yibo Zhang joined BMO Global Asset Management’s (BMO GAM) Active Fixed Income team in 2022 as an Investment Analyst. Before joining BMO GAM, he was a quantitative analyst at another Toronto-based fixed income asset manager. Prior to that, he was a junior trader at a proprietary trading firm. He graduated from the University of Toronto with a Master of Mathematical Finance and a Bachelor of Applied Science.
Julie Zhao
Julie joined BMO Global Asset Management’s (BMO GAM) the Active Fixed Income team in October 2021 where she is responsible for fundamental credit analysis across both high yield and investment grade debt within a variety of sectors. She has a Bachelors of Commerce from Ryerson University and has passed the CFA Level 1 Exam.
Kushal Modi, CFA, Mfin
Kushal joined BMO Global Asset Management (BMO GAM) in December 2021 with five years of prior credit experience in India. He covers financial institutions and works in conjunction with the credit team as well as the portfolio manager. He was previously a senior analyst with DBRS Morningstar as part of the financial institutions team. He graduated from the Master of Finance program from Queen’s University and is a CFA charterholder.
Silverius Miralles, MBA
Silverius joined BMO Global Asset Management (BMO GAM) in September 2021 as a Senior Credit Analyst responsible for both investment grade and high yield corporate bonds. He has over 10 years of credit research experience at S&P Global Ratings (S&P), most recently as an Associate Director in S&P Canada. At S&P Canada, he was the primary analyst for Canadian investment grade and high yield names for the Telecom, Media & Entertainment and Technology sectors. Prior to joining the Canadian S&P team, he worked with S&P’s European team, covering the European Healthcare and Consumer Product sectors across the credit spectrum. At S&P he was also involved in a variety of rating methodology development and ESG projects. Silverius holds an MBA in Finance from the University of Mumbai.
Simon Hutchison, CFA, CAIA, ASA, MFRM
Simon Hutchison is a Client Portfolio Manager on the Active Fixed Income team at BMO Global Asset Management (BMO GAM). Simon is responsible for representing the organization’s fixed income strategies in the institutional, intermediary and affiliate channels of distribution and supporting the growth of the business. Prior to joining BMO GAM in March 2022, Simon worked for a global investment management firm, specializing in providing delegated investment solutions to institutional investors. Simon’s experience includes investment strategy, relationship management, asset allocation, risk management, governance, and investment policy guidance. He is a CFA charterholder, CAIA charter holder, an Associate of the Society of Actuaries, and holds a Master of Risk Management from the Beedie School of Business.
Gordon Rumble, CFA
Gordon Rumble is a Portfolio Manager on the Active Fixed Income team at BMO Global Asset Management (BMO GAM) with expertise in both government and corporate bonds. He has been with the team for several years in positions of increasing responsibility, developing a broad skillset in both the domestic fixed income sector and global markets. Outside of his government and investment grade corporate expertise, he also has experience in high yield bonds, emerging markets, foreign exchange and fixed income derivatives. Gordon holds a Bachelor of Commerce from Queen’s University and is a CFA Charterholder.
Dorothy Biggs
Dorothy joined BMO Global Asset Management (BMO GAM) in 1993. Focused on money market mandates, she participates in the formation of interest rate forecasts, sector mix strategies and credit analysis. Previously, she worked for a major Canadian insurance company, in equity analysis and trading but primarily in fixed income. Dorothy brings over three decades of experience dedicated primarily to money market investments. She graduated from McMaster University with a Bachelor of Arts degree.
Earl Davis, CFA, MBA
Earl Davis joined BMO Global Asset Management (BMO GAM) in 2020 and brings over 25 years of fixed income experience. Prior to joining BMO GAM, Earl led an investment division responsible for managing over $85 billion of fixed income assets at a best-in-class pension organization where he had oversight over the provincial, nominal, inflation and global bond market portfolios. Notably, he worked closely with the risk management division to rewrite the repo, leverage & liquidity policies and procedures following the Global Financial Crisis. Earl currently sits on the FSRA Pension Sector Technical Advisory Committee where he participates in the development of FSRA guidance by providing advice on technical issues and proposed legislation and regulations within Canada. He is a CFA charter holder and has an MBA from the Ivey School of Business at the University of Western Ontario.
Andrew Osterback, CFA
Andrew joined BMO Asset Management Inc.’s active fixed income team as a portfolio manager in 2005, and has over 21 years of experience in managing fixed income portfolios. Andrew oversees portfolios with an emphasis on the interest anticipation aspects of government bond sectors.
Prior to joining BMO AM, he managed a mix of mutual funds, pooled assets, and segregated private client portfolios for a major institutional investor. Andrew holds an Honours Bachelor of Commerce degree from the University of Windsor, a Bachelor of Arts degree (Economics) from the University of Western Ontario and received his CFA designation in 1999.
Contact us
Please contact us at [email protected] to learn more.
Disclosures
Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent simplified prospectus.
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