Strategy overview
Investment Approach
High conviction, bottom-up driven investment process supplemented by a proprietary transition impact assessment framework to ensure that each investment promotes real-world transition, not only portfolio-level transition
Investment Opportunity
Differentiated alpha from investing in EM companies with credible commitments to transitioning to net zero or enabling a lower-carbon future
Investment Universe
An established universe of EM companies and projects – private and public debt.
Matt Christ
Portfolio Manager
<p>Matt is a portfolio manager in the Fixed Income team at Ninety One responsible for supporting the growth of the existing Emerging Markets Corporate effort and helping to build the team’s illiquid, private and special situations emerging market credit expertise.</p>
<p>Prior to joining the firm, Matt worked for Gramercy Funds Management as a portfolio manager focusing on opportunistic emerging market credit. Before this he was a portfolio manager at Blackrock responsible for the fixed income portfolios of insurance clients.</p>
<p>Matt graduated from Middlebury College with a Bachelor of Arts in English and French and Columbia Business School with an MBA.</p>
Victoria Harling
Portfolio Manager
Victoria is Chief Investment Officer, Middle East - Fixed Income at Ninety One, and also leads the Emerging Market Corporate Debt team. Victoria has developed one of the largest by AUM and highly respected EM corporate debt capabilities industry-wide including a strong EM Corp Debt insurance solutions business. Within her role, Victoria is responsible for managing our flagship EM Corporate Debt, EM Corporate Investment Grade and EM Transition Debt strategies.
Victoria has been acknowledged for her achievements over several years and regularly ranks in the top 5 and top 10 of the Female Alpha Awards. Having worked in the EM Corporate asset class largely since inception, Victoria has established influential relationships with issuers and stakeholders across the universe. Before she joined Ninety One, Victoria worked on the EM debt trading desk at Nomura International and on the capital markets team at Standard Bank. She also had positions at Rand Merchant Bank, Whitebeam Capital and Henderson Global Investors where she managed long-only and hedge fund EM debt strategies.
Victoria graduated from Leeds University with a Bachelor of Science degree in Biochemistry with Molecular Biology and has passed Level III of the CFA® Charterholder qualification.
Alan Siow
Portfolio Manager
Alan is co-head of Emerging Markets Corporate Debt and co-portfolio manager of the Emerging Markets Corporate Debt, Emerging Markets Investment Grade Corporate Debt, Emerging Markets Transition Debt, Asian Dynamic Bond and All China Bond strategies. He also serves as an independent member of the European Credit Opportunities Investment Committee.
Prior to joining the firm, Alan worked at BlueBay Asset Management where he was a portfolio manager specialising in Emerging Markets. From 2008 to 2011 Alan worked at Alchemy Special Situations as an executive responsible for European distressed debt and special situations investing. Prior to Alchemy, Alan was a vice president in fixed income at Citigroup Salomon Smith Barney. Alan started his career at Deloitte in Australia.
Alan graduated with a Bachelor of Commerce, first class honours in Accounting and Finance degree from the University of Western Australia and completed a Masters in Business Administration at INSEAD, France. He also qualified as a Chartered Accountant (Australia and New Zealand).
Nathaniel Micklem
Co-Head of Emerging Market Alternative Credit
<p>Nathaniel is co-head of Emerging Market Alternative Credit at Ninety One. His focus is primarily on unlisted and privately negotiated lending transactions.</p>
<p>Prior to joining the Ninety One, Nathaniel spent six years working at Standard Bank most recently as one of the founding members of the Special Situations team based in Johannesburg responsible for originating and structuring Investment Banking transactions. Prior to this, Nathaniel spent 18 months in Lagos, Nigeria within the Financial Advisory team advising local and foreign corporate clients and regulators. Before that, he served as the manager of the Equity and High Yield Capital Markets Division, with a focus on Leveraged Finance. He began his career at Standard Bank in 2006 as an associate within the Mergers & Acquisitions team.</p>
<p>Nathaniel holds a Bachelor of Business Science (Honours) degree in Finance from the University of Cape Town and has passed all three levels of the CFA® Programme.</p>
Olivia Carballo
Managing Director, Emerging Market Alternative Credit
<p>Olivia is a managing director in Ninety One's Emerging Market Alternative Credit team. She has extensive infrastructure finance experience gained in project, corporate and structured finance roles in both developed and emerging markets. She has worked with the Emerging Africa Infrastructure Fund since 2008 providing debt and mezzanine financing.</p>
<p>Prior to this she worked at the Royal Bank of Scotland in the Project and Export Finance business and at Santander Bank in the credit department.</p>
<p>Olivia has a Bachelor of Arts from the University of Pennsylvania and an MSc from the London School of Economic and Political Science.</p>
Martijn Proos
Co-Head of Emerging Market Alternative Credit
<p>Martijn is co-head of Emerging Market Alternative Credit at Ninety One. He has extensive experience in private credit markets gained in various advisory, project, corporate and structured finance roles in both emerging and developed markets. He has particular experience in infrastructure finance and has been working with The Emerging Africa Infrastructure Fund since 2008.</p>
<p>Prior to Ninety One, he worked at FMO’s Africa Infrastructure department, T-Mobile and Tebodin Consultants & Engineers.</p>
<p>Martijn holds an MSc in Business Administration from Nyenrode Business University, The Netherlands.</p>
