BoV employees on London training programme

A group of eight Bank of Valletta (BoV) employees have returned from a two-day training programme at the Insight Investment (Global) Management Ltd (Insight) offices in London.

During their visit they attended briefing sessions with April La Russe, fixed income product specialist at Insight.

Other meetings took place with Alex Moss, fund manager of the La Valette High Yield Fund, and Alex Illingworth, director responsible for the International Equity Team as well as the local funds managed by Valletta Fund Management Ltd (VFM), and Stephen Waddington and Mike Pinggera, who form part of the Multi Asset Team.

The group was given first hand information on the opportunities available in the corporate bond market by Ms La Russe. She also gave an in-depth analysis of the performance of the various bond funds.

Mr Moss, responsible for Insight's high yield and leveraged loan investments within the fixed income area, gave an update of the portfolio activity of the La Valette High Yield Fund.

This fund, which from last month generated an income yield of 5.66 per cent, aims to achieve a high level of income through investment in a diversified portfolio of securities, consisting principally of debt instruments that are of a sub-investment grade credit rating. Mr Ross also explained that currently a similar opportunity presents itself in investment grade corporate bonds.

Mr Illingworth gave the group an in-depth analysis of the local market as well as an update of the domestic range of VFM funds. He said, "Crisis brings along danger but also opportunities." He noted how markets are discounting a lot of bad news and that equity valuations appear attractive.

Mr Waddington and Mr Pinggera spoke about Insight's decision to adopt a multi-asset approach and the rationale behind it. They also gave a detailed explanation of the investment approach and underlying philosophy and finally why this approach is considered to be an evolution in today's investment arena.

The group also met Robert Jones, from the European Banks Equity Research Team, during a tour of the investment floor, where he touched on the process of trading equities at the best possible prices and in the most efficient and effective way.