Amundi’s UK chief backs emerging markets for credit investors

Laurent Crosnier is in charge of the London office of Amundi, the one-year-old progeny of a merger between the asset management arms of Crédit Agricole and Société Générale. He talked to Credit about why he likes emerging market corporates and US financials, and why inflation should not worry developed market investors.

Crosnier, Amundi: top-down investing is not relevant for credit

Crises force investors to look at the big picture, bringing asset allocation even more to the fore. In the wake of the global financial crisis of 2007–9, investors with mandates heavily limited by asset class or geography found it increasingly hard to manage their portfolios.

Today the advantages of having a global, cross-asset mandate are clear: flows of institutional money into emerging markets and out of peripheral Europe last year offered a sign that narrow portfolio mandates are ill-suited