Nomura Asset Management has recruited Neuberger Berman’s Kapish Patel as co-portfolio manger of its Corporate Hybrid Bond fund, which launched in August.
Patel, who has been in the industry for over a decade, spent the past seven years at Neuberger Berman working as an associate portfolio manager for the investment grade credit team specialising in non-US dollar corporate bonds.
Patel worked alongside Julian Marks at Neuberger Berman, who he will report to at Nomura. Before Neuberger Berman, Patel gained experience at Killik & Co and Third Financial.
Marks, head of corporate hybrid bonds at Nomura Asset Management, said: “Kapish and I worked closely together for many years and I am delighted that he has joined our team at Nomura Asset Management.
“Kapish has significant experience in the corporate hybrid bond market, which continues to grow as issuers seek to optimise their capital structures, support their credit ratings and minimise their weighted cost of capital by issuing these bonds. He joins a strong and experienced team and we very much look forward to working together to consistently add value for our investors.”
Marks was part of the team at Neuberger Berman for 15 years before leaving for Nomura at the beginning of this year. He leads the Corporate Hybrid Bond fund, which holds about €27m (£23.61m) assets under management. The fund typically holds around 30 issuers throughout six to nine sectors, and is currency risk hedged. Nomura also launched a US High Yield Bond Continuum fund this September through its branch, Nomura Funds Ireland.