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RWC returns to Morgan Stanley for convertibles hire

RWC Partners' has added to its global convertibles team, hiring a former Morgan Stanley colleague of team head Davide Basile.

Lakshman Harendran worked with Basile at Morgan Stanley Investment Management, where he was a member of its fixed income team, specialising in convertible bonds, investment grade and high yield.

Basile joined RWC Partners in November 2009, following the departure of Miles Geldard and took the reins of the Luxembourg-domiciled RWC Global Convertibles fund. Harendran will join his analyst team and work alongside Esther Watt and Michelle Shi, sharing responsibilities for quantitative, credit and equity research.

The RWC fund became one of the most popular convertible bond funds in Europe last year, when the sector reached an unprecedented level of popularity among investors. London-based RWC's CEO Peter Harrison believes they are not a passing fad and retain an appealing risk return profile for investors for 2010 and beyond.

'We have always maintained that convertible bonds are an asset class that should be held through the market cycle, the environment in 2010 reinforces this view,' he said. 'Not only do CBs offer diversification but on a risk adjusted basis the asset class has historically outperformed both government bonds and equities. For those investors who believe equity markets may prove volatile convertibles offer excellent downside protection, from their bond component, and upside participation, from the equity component. In addition 2010 presents significant opportunities due to the strong new issuance pipeline and under-analysed situations.'

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