Peter Bentley


The tightening trend of credit spreads is making it a harder task for asset managers to generate returns from the asset class. The days of taking a broad-brush approach to the market and still outperforming are now a distant memory as European corporate bond total returns have shrunk from 7% in 2004 to 4% last year and by the end of August stood at a meagre 0.1%, according to Merrill Lynch. US figures are in a similar quagmire at 1.9% for 2005 and 1.8% year-to-date.

What's more, rising single

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