Beniguel has been a member of TwentyFour AM’s unconstrained fixed income group since April 2014, co-managing the £1.42bn Dynamic Bond vehicle and the Select Monthly Income fund.
As of yet, the firm has not confirmed an official date for his move to New York. But colleague Chris Bowie, who oversees the firm’s popular sterling corporate bond fund, revealed to Portfolio Adviser that the approval of Beniguel’s US visa is imminent.
TwentyFour AM set up shop in New York toward the back end of last year, hiring former Société Générale high yield and leveraged loans director Robert Arnold to man the fort.
The addition of Beniguel means there will be another full-time portfolio manager dedicated to picking high yield US stocks based in New York.
And Bowie added that TwentyFour AM had budgeted for him to hire an additional person to the New York team. It is still very early days on that front, according to Bowie.
“A lot of it depends on where we see the value developing over the next few years, which might be the US,” he stated.
The decision to open a New York branch is a recent development and a “big change for TwentyFour,” said Bowie, inspired by the firm’s growing convictions in US high yield.
“The dollar market is very interesting. There are a lot of good opportunities, but there are also a lot of risks there, which is why you need people with boots on the ground there.
“From a global perspective, we would rather be invested in the UK and US for riskier credits than in Europe.”
