Richard Quin

Fixed income markets may be enjoying the calm of tight spreads and stable headline employment, but Richard Quin, Chief Investment Officer at Bentham Asset Management, says the world is increasingly defined by a “K-shaped economy”, where the winners and losers are diverging sharply across consumers, corporates and labour markets.

“We have a problem of haves and have nots in the consumer and the corporates,” he says. “The upper part of the K is doing very well.”

He points to the growing concentration of spending power, with the top 10% of income earners now controlling close to half of consumer expenditure – a marked shift from the 1990s. At the same time, large, capital-rich companies are harnessing artificial intelligence to expand margins, while smaller and mid-cap firms are becoming trapped by higher servicing costs and weaker productivity.

“AI is rewriting the script in real time,” Quin says.

“AI productivity comes with labour displacement. While markets have celebrated AI’s productivity upside, the more pressing risk lies in what is being destroyed in the process. AI gives us productivity, but it eats employees or consumers,” he says.

Global institutions including the IMF and the World Economic Forum have warned the world is undergoing the greatest labour reshuffle in a century, with disruption increasingly hitting higher-paid professional roles rather than just manual work.

“The risk will be in the next two to three years and could be quite dramatic,” Quin says.

For Bentham, that means looking beyond aggregate employment data, which can obscure deeper churn in the workforce.

“Stepping stone roles are disappearing,” Quin says. “AI may be removing the ladder on the career board for young graduates.”

Quin believes AI is creating a new kind of structural credit risk, what he calls the “Schumpeterian credit gap”.

“Drawing on economist Joseph Schumpeter’s idea of “creative destruction” innovation may create long-term economic value, but it can be brutal for bond holders. For a credit investor, it can be an engine of defaults,” he says.

The speed of AI-driven change is outpacing the ability of legacy companies to amortise debt, raising the risk of permanent capital loss rather than temporary earnings weakness.

“If investors are exposed to companies being AI disrupted, you aren’t just facing a bad quarter,” Quin warns. “You may be facing permanent capital loss.”

In this environment, credit analysis is no longer only about cashflow coverage but about future relevance.

“Credit risk isn’t just about the ability to pay,” Quin says. “It’s about the ability to still matter in the future.”

Beyond AI, Quin is cautious on credit valuations, particularly given tight spreads and underpriced leverage.

“Be concerned about LICE: highly levered transactions, low interest coverage, and companies with low earnings,” he says.

He notes the investment-grade universe has deteriorated structurally, with a much larger share of BBB-rated issuers than in previous cycles.

“The downgrade risk on BBBs is still there,” Quin says, “especially if AI disruption makes this a far less “normal” cycle than markets are pricing.”

In Australia, the market is now pricing in at least two rate hikes this year.

“I think this will slow down the Australian economy a little bit.

“We think most of the return is in the interest rate right now. We were able to decrease our risk in interest rates and then increased our risk towards the end of the year post the sell-off in rates in Australia, switching out of other markets back into the Australian market.

“We also believe that the Australian dollar is an alternative for investors holding a high-quality government bond that doesn’t have a deficit out of control and is a potential reserve currency. I see problems with it too, because it’s a cyclical currency and a commodity-based currency. But, again, there are changes that we’re seeing here that are unusual.”

Against this backdrop, Bentham has positioned its multi-sector portfolios, including the Global Income Fund, defensively.

“We have decreased our credit risk and gone up the credit curve. We have increased exposure to government bonds and higher-quality securities, believing most of the return opportunity is now in rates rather than spreads.

“We think most of the return is in the interest rate right now,” Quin says.

The firm has also rotated back into Australian duration following the sell-off in domestic rates.

“We like the fixed-interest yield right now. We think it’s good protection for investors.”

“The asymmetric profile of high-quality duration — positive carry, negative correlation to equities, and real yield support — makes it compelling in a world where equity valuations remain elevated.

“If investors are worried about a reversal in equities, you get some benefit out of having treasuries,” he says.

On credit, Bentham remains selective, generating exposure more through semi-government and higher-quality spread sectors rather than expensive corporate risk.

“We think corporate credit is reasonably expensive right now. Floating rate and capital securities still offer value. While cautious on traditional credit beta, we continue to favour loans for their carry, even as spreads compress, and sees value in capital securities relative to local hybrids. We think it’s much better value than the local hybrid markets.”

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Richard Quin

The next 18 months will be shaped by the collision of tariff-driven economic slowdowns, volatile inflation dynamics and an extraordinary surge in artificial intelligence investment   reshaping capital markets at unprecedented speed, according to Bentham Asset Management CIO Richard Quin.

Quin said, “Looking at the recent market performance, the past year has been a good time to be in bonds, with fixed income outperforming cash and many parts of the credit market generating excess returns despite pockets of weakness in high-yield and CLOs.”

“However, markets now face a totally different tariff environment compared with expectations at the start of the year. Our calculation puts the average tariff rate at around 18 percent,” he said. “That is almost double what the market was expecting. It’s a huge policy shift, and it’s already having knock-on effects, with less activity in the U.S., weaker non-farm payrolls and a steady drift lower in labour indicators.”

The recent U.S. government shutdown, the longest in history, compounded the challenge by choking the flow of economic data.

“The breadth and length of the shutdown was extraordinary,” Quin said. “This one impacted six weeks of salaries for 1.4 million federal workers. Confidence dropped sharply, and the Federal Reserve is now operating with far less information than it would normally have.

“The resulting data vacuum could distort the path of interest rates. The Fed may be hesitant to cut because it simply doesn’t know how bad or how good things are. Inflation is trending a little higher, and some numbers are stronger than expected, others are weaker. We’re navigating in fog.”

Quin contrasted this with China, which he described as continuing to “export deflation” to the world economy. “They have excess capacity and low domestic demand, and they are exporting loss-making goods,” he said.

If U.S. politics is creating volatility, artificial intelligence is creating transformation, he noted.

“The biggest force in markets right now is AI revolution,” he said. “But what concerns us is the scale of capital flowing into AI investment. According to JP Morgan, the world is about to spend five trillion dollars supersizing AI. We’ve already seen Meta come to market with a 30-billion-dollar issue that traded down. That is not normal.”

Looking ahead to late 2025 and into 2026, Quin said, “There’s a narrative that everything AI-related is good and everything old-economy is bad. I’m not convinced that’s the right way to think about it. AI could create zombies out of some companies by shifting cost curves so dramatically that established companies simply can’t compete.

“We expect the monetary easing cycle to end soon in several major economies. We still expect to see multiple cuts in the US and the UK. But fiscal policy in many countries are so stretched that new fiscal discipline is going to become pro-cyclical and not helpful in a downturn. That means some economies could face more pain before things improve.”

“Inflation, will remain choppy and unpredictable with AI only adding to the uncertainty.”

“The risks in AI build-out and comparison with dot-com cycle are real and this capital cycle could be brutal and lead to binary outcomes. Welcome back to Schumpeter creative destruction.”

“We have responded by dialling risk back and increasing exposure to defensive assets. We’ve reduced our riskier credit positions and added to government bonds and agencies, and these are paying well above swap curves and well above treasuries. We still favour Australian bonds but have trimmed exposure, getting diversification from UK and US bonds.

“Overall, there’s risk in underpriced leverage. There are refinancing risks, and policy changes will create casualties. We want to be positioned for that.

“Our returns have been positive across the board,” he said. “We’ve kept up with the bond market rally and in some cases outperformed. We are pleased with the longer-term figures. Over five years, we’ve produced very competitive returns relative to both fixed interest and credit markets.”

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The strategic hires come as Bentham continues to see heightened investor interest in credit strategies, driven by market volatility and a growing shift toward defensive portfolio allocations.

René Tetteroo joins the firm with more than a decade of institutional asset management experience. He previously held senior distribution and relationship management roles at Lazard Asset Management and Schroders, where he worked closely with superannuation funds, insurers and government entities. His cross-asset expertise spans fixed income, equities and alternatives. René holds a Bachelor of Commerce (Finance and Economics) and First Class Honours in Finance from Griffith University, along with a Diploma of Financial Planning.

Joshua Poi arrives from FIIG Securities, where he served as an associate in the fixed income sales division, advising private clients. A qualified solicitor, Joshua was admitted to the Supreme Court of Queensland in 2024 following his tenure at Norton Rose Fulbright. He holds a Bachelor of Laws (First Class Honours) and a Bachelor of Commerce (Finance) from Bond University, where he studied on a full scholarship.

“We are pleased to welcome René and Joshua to the Bentham team at a time when investor demand for sophisticated credit solutions continues to grow,” said Richard Quin, Founder and Chief Investment Officer at Bentham Asset Management. “With 2025 poised to be a pivotal year for active management, their expertise will support deeper engagement across our client base.”

“Despite ongoing market volatility, Bentham’s multi-sector credit strategies have delivered strong results this quarter, outperforming cash, traditional fixed interest and broad credit indices.

“With over two decades of experience across multiple cycles, our team has consistently demonstrated its disciplined credit expertise as a global credit asset manager. Our long track record across our funds is a testament to our deep understanding of credit markets and our commitment to delivering strong, risk-adjusted returns for our investors,” Quin added.

Bentham manages a suite of credit-focused strategies for institutional and wholesale investors, with a commitment to delivering income and capital stability through global credit market cycles.

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Richard Quin

Bentham Asset Management, one of Australia’s leading specialist global fixed interest and credit investment manager, has reported strong performance across its multi sector  funds in the recent quarter, outpacing various benchmarks and achieving positive returns despite market volatility and easing global interest rate cycle.

Richard Quin, chief investment officer, highlighted the standout performance of global government bonds, which rallied by about 42 basis points, or close to 50 basis points on the year. Global bonds outperformed Australian bonds by almost 86 basis points on the quarter and half a percent over the year. Bonds also outperformed cash by around three and a quarter percent.

“Overall, it was a good quarter for bonds. Credit markets also performed well, with notable gains in bank contingent convertible (CoCo) bonds, high-yield, and emerging market assets. Equities, meanwhile, slightly underperformed bonds, marking a unique shift in market dynamics.

“All of Bentham’s funds saw positive returns this quarter, outperforming cash, fixed interest, and most credit markets,” Quin noted. “On a risk-adjusted basis, Bentham’s funds have delivered superior returns with lower volatility compared to equities, especially in emerging markets.”

“Looking closely at economic factors, in the US, inflation is currently trending lower, while supply chain pressures have normalised despite recent geopolitical volatility. Most central banks are cutting rates, except the RBA, which is lagging behind. There are substantial rate cuts priced in over the next year, with about five cuts expected in the US, seven in New Zealand and only two and a half in Australia. New Zealand is likely to feel the most pain, having experienced higher interest rates for the longest period,” he added.

“We maintain a positive long-term outlook for bonds with a reduced but strategic duration in a cycle of falling rates.”

The firm has slightly lowered its credit exposure, citing tight credit risk premiums and higher valuations. Bentham has shifted to holding semi-government bonds, offering low default risk.

Looking forward, Quin noted that Bentham is well-prepared for an easing cycle, strategically positioning its multi-sector portfolios for potential interest rate cuts and moderate inflation.

“We remain cautious about credit valuations and stand ready to deploy capital as opportunities arise.

“Global economic policies are beginning to ease, and we’re positioned to navigate this environment. With inflation contained, we believe holding duration is prudent, and we’re focused on managing risk while delivering strong returns for our investors.”

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Richard Quin

Bentham Asset Management, one of Australia’s leading specialist global fixed interest and credit investment manager, is pleased to announce that the Bentham Syndicated Loan Fund (“the Fund”) has marked its 20 years of delivering regular income to investors.

Since inception in August 2004, the Fund has produced a total return (after fees) of 6.59% p.a, outperforming the benchmark (Credit Suisse Leveraged Loan Index Hedged to $A) by 0.55% pa. This floating rate Fund has delivered 3.17% more than the Ausbond Bank Bill Index which returned 3.42%. The fund volatility of 7.1% is significantly lower than Australia equity volatility of 13.8%.

The Fund primarily invests in a diversified portfolio of floating rate US and European broadly Syndicated and rated senior secured loans. It is managed by Bentham Asset Management alongside the UBS Credit Investments Group (CIG), one of the largest, well regarded and most experienced providers of non-investment grade credit solutions in the world (managing more than USD 55 billion as at 31 August 2024). The Fund is hedged into Australian Dollars.

“This is another milestone for Bentham and showcases CIG’s expertise in investing in syndicated loans in the global market,” Richard Quin, Bentham’s Principal and Chief Investment Officer, said.

“Our goal across all our funds is to deliver higher income to investors than can generally be achieved in traditional fixed interest and equity markets, and this Fund is a good example of that successful approach,” he added.

“With over two decades of experience (across multiple cycles), our team has consistently demonstrated its disciplined credit expertise as a global credit asset manager. Our long track record across our funds is a testament to our deep understanding of credit markets and our commitment to delivering strong, risk-adjusted returns for our investors.”

The Syndicated Loans Fund provides market liquidity with risk mitigating industry diversity really only available globally. It adds value through loan and security selection and industry rotation, while maintaining a highly diversified portfolio. It invests in more than 350 different rated issuers and distributes income to investors monthly.

The Fund invests in senior secured loans and makes additional investments in secured and unsecured high yield bonds and secured collateralised loan obligations. The preservation of principal and protection against downside risk plays an important role in the investment process. A high level of industry and issuer diversification helps to manage this risk, with the Fund limiting a 2 per cent maximum per issuer (borrower) exposure limit.

“We are pleased that this Fund continues to be able to provide investors with the kind of diversified exposure to the global syndicated loan market that they would be unlikely to achieve on their own,” Quin said.

“Syndicated loans, or senior secured loans, have priority in repayment and are protected from a borrower’s failure to repay the interest or principal by security over the borrower’s assets, but they are not directly accessible to retail investors, which is where an experienced investor like Bentham comes in,” he added.

Loans as an asset class have historically had a low correlation to equities and a low correlation to government bonds.

“An allocation to loans may improve the diversity of a balanced portfolio and has historically improved the risk and return outcome,” noted Quin.

Unlike much of the private debt market, the Fund invests in externally rated securities with external valuations. The Fund is revalued daily with market prices reflecting the market tested values.

The Fund manages more than A$2 billion in assets as at 31 August 2024.

With a minimum investment amount of A$10,000, the Fund provides investors with access to a professionally managed, global portfolio.

The Fund is available on all major investment platforms, with a ‘Recommended’ rating from Zenith and Lonsec.

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Richard Quin

Bentham Asset Management, a leading specialist global fixed interest and credit investment manager, says 2024 will be a year of transition for fixed income.

“Credit markets will go through some turmoil at some stage during 2024 but we had a very strong year last year, so volatility is to be expected this year,” Richard Quin, Bentham’s Principal and Chief Investment Officer, said.

“Usually, these years of transition lead to better returns and I do think being long interest rate risk will end up being the right call.”

Bentham is forecasting that interest rates have hit their peak, with rate cuts more likely than hikes in 2024, which is good for fixed interest.

“One of the opportunities in the market right now is to use fixed interest and credit to balance your portfolio better.  You can get a decent income or return in fixed income without as much downside risk as you would in equities,” Quin says.

Aside from interest rates coming down, Quinn says the biggest risk in the sector right now is geopolitical risk.

“We have a number of wars that are outstanding and a number of elections going on.”

The five biggest geopolitical risks according to Bentham are:

• a divided US
• escalating tensions in the Middle East
• a fractured Ukraine
• unchained AI, and
• the potential rogue alliance of Russia, North Korea and Iran.

“It’s very hard to say whether AI is a very good or a very bad thing. Some of the things that will come through with AI, like an increase in productivity, could lead to lower inflation which is a positive. However, it will also probably lead to quite a bit of disruption in several industries and companies, and possibly even in a number of countries,” Quin said.

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Richard Quin

The Bentham High Yield Fund, managed by specialist global fixed interest and credit investment manager Bentham Asset Management, is celebrating its 25^th year of providing regular income to clients.

The Fund primarily invests in a diversified portfolio of US high-yield bonds and is managed by Bentham, with the Credit Suisse Credit Investments Group (CIG), of Credit Suisse Asset Management CSAM as sub-adviser. CIG is one of the largest and most experienced providers of non-investment grade credit solutions in the world, managing approximately USD 60 billion as at 30 September 2023.

Since inception (15 October 1998 to the end of September 2023) the Bentham High Yield Fund has returned 7.79%pa before fees (7.06%pa after fees) with annualised volatility of 8.04% pa.  The volatility of the benchmark ICE BoAML US Cash Constrained Index (AUD Hedged) since inception is 9.13%.

In the last 12 months (15 October 1998 to the end of September 2023) the Fund has returned 11.94% (11.35% after fees) compared with the benchmark return of 8.44%.

“I think the unique thing about the Bentham High Yield Fund is that we’ve been through so many cycles. We’ve been through numerous growth periods, but also at least three global recessions. It’s a portfolio that has delivered on its returns relative to a performance benchmark, and it’s proven to be less volatile than what can sometimes be a volatile market,” commented Bentham Principal and CIO, Richard Quin.

High yield bonds are corporate bonds that are rated below investment grade bonds. High yield bonds pay investors a much higher coupon for the risk they take on when compared to investment grade bonds. The Bentham High Yield Fund currently invests in over 220 securities that have an average credit rating of B+.

“As investors, we can diversify risk in high yield bonds by not having too large a concentration to any one bond,” Quin says.

“We believe it’s really important to diversify by industry and, unfortunately, in Australia there is a lack of depth of traded, high yield bonds because it’s a relatively small economy with a narrow number of industries, plus the lending market is dominated by our large banks. To support diversity and liquidity, most of the bonds in the Bentham High Yield Fund are issued by large US companies, with a smaller exposure to large European corporate issuers.”

High yield bond funds can provide investors with a stable source of strong income, he adds.

“Historically, high yield bonds have had a lot less volatility than equities and are a diversifying element in portfolios. So, they may merit a position in many retirees’ portfolios,” Quin says.

“Security selection and credit management are really important in this sector and it is essential to choose a fund manager with relevant experience and a good track record,” Quin added.

The Bentham High Yield Fund has assets under management of $315.3 million^[1] and an initial minimum investment of $10,000.

———-

[1] As at September 30, 2023

This material has been prepared by Bentham Asset management ABN 92 140 833 674 AFSL 356199 (‘Bentham’), the investment manager of the Bentham High Yield Fund. Fidante Partners Services Limited ABN 44 119 605 373 AFSL 320505 (Fidante) is a member of the Challenger Limited group of companies (Challenger Group) and is the responsible entity of the Fund.  Other than information which is identified as sourced from Fidante in relation to the Fund, Fidante is not responsible for the information in this material, including any statements of opinion. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs.  You should consider, with a financial adviser, whether the information is suitable to your circumstances. The Fund’s Target Market Determination and Product Disclosure Statement (PDS) available at www.fidante.com should be considered before making a decision about whether to buy or hold units in the Fund(s.). To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. Past performance is not a reliable indicator of future performance. Bentham and Fidante have entered into arrangements in connection with the distribution and administration of financial products to which this material relates.  In connection with those arrangements, Bentham Asset Management ABN 92 140 833 674 AFSL 356199 (‘Bentham’) and Fidante may receive remuneration or other benefits in respect of financial services provided by the parties. Fidante is not an authorised deposit-taking institution (ADI) for the purpose of the Banking Act 1959 (Cth), and its obligations do not represent deposits or liabilities of an ADI in the Challenger Group (Challenger ADI) and no Challenger ADI provides a guarantee or otherwise provides assurance in respect of the obligations of Fidante. Investments in the Fund(s) are subject to investment risk, including possible delays in repayment and loss of income or principal invested. Accordingly, the performance, the repayment of capital or any particular rate of return on your investments are not guaranteed by any member of the Challenger Group.

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Richard Quin

The Bentham Global Income Fund, one of the longest running global credit funds in Australia by multi award winning specialist global fixed interest and credit investment manager Bentham Asset Management, is marking 20 years of operation this week.

It is also one of a handful of Australian income funds to be run by the same portfolio manager – Bentham Principal and CIO, Richard Quin – for two decades. Quin established the fund 20 years ago at Credit Suisse Asset Management Australia (CSAM), before moving with it to establish Bentham in 2010.

The genesis of the Fund is Quin’s discussion with a friend who needed a retirement investment solution that could provide a reliable source of income for their mother, with a focus on protecting her underlying capital.

“We came up with the idea of a global income fund that delivered a monthly income, but also mitigated the downside. It ended up becoming a wholesale fund option for many people in the fixed interest market to get exposure to lots of different sectors of credit and fixed income,” Quin says.

“As the Bentham Global Income Fund celebrates its 20^th anniversary, we would like to thank our investors for the trust they place in us to manage their investment. We have enjoyed the support of a wide range of investors, researchers and consultants over the years, and are very proud of the income and returns that the Fund has produced for them,” he adds.

The Bentham Global Income Fund invests across global fixed interest and credit markets in securities across the capital structure, including corporate and government bonds, senior secured and unsecured debt, subordinated or hybrid securities, loans, structured credit and asset-based securities.

“We analyse different types of credit and fixed income markets globally which gives us a huge opportunity set to achieve strong returns. It also provides diversity of return, which means less volatility for investors,” Quin says.

The fund invests in over 600 global issuers of credit securities which protects investors from concentration risk.

This unique approach means the Bentham Global Income Fund has outperformed its benchmark since inception*, delivering investors an annualised gross return of 6.95 per cent for the ~20-year period compared to benchmark** returns of 3.93 per cent.

“There are many advantages to investing in credit globally, rather than just locally. One is you can get higher returns.  Two, there’s a lot more diversity globally, and you need diversity to create robust credit portfolios. And then lastly, one of the big benefits of investing globally is you invest alongside lots of different global investors, which means you have more liquidity.”

Quin also points out the many developments in the credit markets and the management of the Fund over the past two decades which have provided benefits to the end investor.

“One of the enhancements is we now buy options to help protect the portfolio. Another enhancement is we can also protect some credit exposures by buying credit derivatives.

“And more recently, we have very actively managed the portfolio’s interest rate exposure. We have the ability to go long or short interest rate risk. This means we can benefit when interest rates increase and also benefit when they decrease, making this capability a key differentiator in the current market,” he says.

As at the end of August 2023 the Fund had over A$2.8 billion in funds under management and has recently been added to the Colonial First State First Choice platform.

———

[1] Fund inception date is September 16, 2003. Performance figures are to Aug 31, 2023
[2] 50% Bloomberg AusBond Composite Index / 50% Bloomberg AusBond Bank Bill Index

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Richard Quin

Bentham Asset Management, a leading specialist global fixed interest and credit investment manager, has announced that addition of the Bentham Global Income Fund to the Colonial First State First Choice platform.

The Bentham Global Income Fund, which currently manages over $2.7 billion* in funds under management (FUM), invests in global credit markets across the capital structure with a focus on capital preservation and regular income.

Bentham Principal and CIO, Richard Quin, who has been the Fund’s Portfolio Manager since he established it 20 years ago, says the Colonial First State First Choice platform is an important addition to its investor offering.

“The thinking behind the Fund was to give local investors institutional quality, high-yielding credit opportunities that was then lacking in the market. For a minimum entry cost of $10,000, we provide access to offshore credit markets that offer more competitive risk yields and income diversity, an offering now available to financial advisers using the Colonial First State First Choice platform.

“The Fund has delivered what it set out to do – providing a reliable source of retirement income to those who need it the most,” says Quin.

The actively managed Fund, which includes senior secured and unsecured debt, subordinated or hybrid securities, loans, structured credit and asset-based securities, targets investors who want regular income above the cash rate in an asset class that has about half the volatility of equity markets, notes Quin.

Since inception in September 2003, the Fund has delivered a total return (after fees) of 6.90% pa^[1], outperforming the benchmark (50% Bloomberg AusBond Bank Bill Index, 50% Bloomberg AusBond Composite Index) by 2.19% pa.

Quin adds: “Investment markets have been strong lately, boosted by growing optimism that central banks are near the end of the rate hike cycle and inflation has peaked. Economic data remains resilient in the face of growing pressures, while falling energy prices and signs of moderating wage growth have eased concerns over inflation. We continue to believe the long and variable lag of the fast-paced rake hikes has more the play out.”

The Fund was recently awarded Global Fixed Income Fund of the year by Lonsec Research.

———-

[1] as at June 30, 2023

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Mr Francis, with over seven years of experience across sales and distribution roles, has a strong background in the credit asset management sector. He joined Bentham over three years ago and prior to that was part of the distribution team for Clime Asset Management and Grant Thornton Australia.

Richard Quin, Bentham’s Principal and Chief Investment Officer said, “We are pleased to broaden our client coverage in Australia as part of our efforts to provide quality service to our valued investors and the financial advisory community.”

Mr Francis added, “I am grateful to be working with an industry leading fixed income and credit manager and excited to work with adviser practices across both states.”

Bentham offers a range of funds designed to provide regular income while diversifying risk in global credit markets.

Fixed income and global credit continue to be a useful diversifying asset class for Australian investors. It can offer higher income than cash, with less risk than shares, while bringing diversification benefits that can reduce overall portfolio risk.

Importantly, when allocating a portfolio across cash, fixed interest and equities, adding global credit has historically improved returns for a given level of risk because global credit can perform well at different times to equities, fixed income and other asset classes, noted Mr Francis.

Bentham’s flagship Global Income Fund will celebrate its 20th anniversary in September this year and has a current monthly distribution rate of 6.5% pa.

Mr Francis holds a Bachelor of Applied Finance and Economics from Macquarie University and is a Level II Candidate in the Chartered Financial Analyst (CFA) program.

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