Alisdair - Investment Analyst

I joined Threadneedle in September 2003 as a trainee investment analyst on the Investment Grade bond desk. Prior to that I had worked for BP plc for three years in a variety of roles having graduated in 1999 with a degree in Philosophy, Politics and Economics from New College, Oxford.

Although I had enjoyed working at BP I was really attracted to the fact that I would be working in a smaller organisation where I hoped I would have more direct responsibility for the performance of my team, and the business in general. My first few months were spent learning the fundamentals of credit analysis. As well as attending various courses on credit markets and financial analysis I carried out credit reviews of various sectors, including European media companies, Irish banks, and UK pubs. Clearly the research for the latter review was the most enjoyable... I then picked up responsibility for the media sector and have added energy, utilities and structured bonds to my portfolio. It was extremely pleasing that on taking responsibility for the media sector my views were implemented in the portfolios straightaway – you really will be given responsibility early on.

Starting life on the bond desk involved learning how to speak the language. While everyone knows what a share price is, the world of spreads, steepeners, flatteners, duration, covenants and CDS initially seemed a strange place indeed. But the fact that each issuer has various different bonds outstanding, each with potentially different characteristics, means that there are a variety of ways we can express our views and interesting trades that we can carry out. The market is continually developing: since I have been at Threadneedle a variety of new products have emerged which we can potentially be involved in through either the long funds or the hedge funds. This all helps to keep the job fresh (and to keep us on our toes).

I have really enjoy the open atmosphere fostered at Threadneedle. The interaction with the equity desks is good – it is always interesting talking to a colleague covering the same company as I do but from an equity perspective. There is also a good deal of sharing of ideas across the bond desks (government, investment grade, emerging markets and high-yield) because ultimately what is happening in our part of the market can affect everyone else. Your contribution will always be welcome at various meetings which affect all these markets, for example the monthly macroeconomic outlook meeting. I have never felt restricted to simply having a view on my own sectors and companies that I cover and have always felt able to ask questions and learn from analysts and fund managers covering other markets.