The 20 Rising Stars of Fixed Income 2008

share his views and institute strong ethical principles. He aspires to someday be a philanthropist in order to give something back to society and leave a lasting mark on the world. 9. 1999 before joining Putnam Investments in Boston, where he was a senior vice president and emerging markets debt portfolio manager for seven years before moving to Standish Mellon in early 2007. Kozhemiakin’s research on emerging markets debt and other areas of fixed income has been published in The Journal of Portfolio Management, The Journal of Fixed Income and The Journal of Investing. One of Kozhemiakin’s proudest accomplishments was seeing his book on the impact of democratization on foreign policy formulation in transitional regimes – Expanding the Zone of Peace? Democratization and International Security – published in 2000. That said, he hopes his biggest career accomplishment is yet to come. As he looks forward, Kozhemiakin sees the fixed-income market constantly evolving. “I think that, with time, there will be a clearer separation between alpha and beta strategies,” he predicted. internship in the fixed-income department at Deutsche Bank Investment Management in Luxembourg convinced him that he wanted to become a fixed-income portfolio manager. Now co-head of portfolio management for PIMCO in Munich, the Frenchman entered the fixedincome arena for good in 1994, after completing nine months of mandatory military service. Prior to PIMCO, Louanges worked as a fixedincome salesman for Deutsche Bank in Paris from 1994 to 1995 and as a portfolio manager for Caisse Centrale de Réescompte in Paris from 1995 to 2000. PIMCO, with $746 billion under management worldwide, runs more than €200 billion of fixed-income assets in Munich. “PIMCO is one of the biggest fixed-income portfolio managers in Europe and by far the biggest fixed-income portfolio manager in Germany,” Louanges pointed out. A fluent speaker of French, German and English, he is a certified financial analyst and a member of the CFA Institute. Louanges also is a member of PIMCO’s Shadow Investment Committee, which develops and proposes strategies, trade ideas and enhancements in the asset manager’s investment processes. The 11 members who make up the committee are senior portfolio managers and senior credit analysts from across the organization. As the industry becomes more competitive, Louanges believes there will be more of a focus on risk-adjusted performance and less home and political bias in the selection of asset managers in Europe. “We should see a Europeanization – and perhaps a globalization – of the industry, which already has somewhat taken place at the institutional level but less so on the retail side,” he predicted. “I expect more consolidation in the banking system and more consolidation in the fixed-income portfolio management industry.” MAY 2008 ALEXANDER KOZHEMIAKIN Director of Emerging Markets Standish Mellon, Boston Age: 34 Education: Moscow State Institute of International Relations (Honours Diploma); University of Illinois at Urbana-Champaign (Ph.D. in International Relations) Mentor: Thomas Trebat, Former Managing Director and Head of the Latin America team, Economic and Market Analysis Department, Citigroup Kozhemiakin, a chartered financial analyst, leads Standish Mellon’s dedicated emerging markets debt team in Boston and is responsible for managing some $2 billion in assets, mostly in local currency bonds. His team is known for its in-depth fundamental research supported by the discipline of quantitative models. Fluent in English, Russian and Spanish, the Muscovite earned a Ph.D. from the University of Illinois when he was just 22 years old and subsequently became a post-doctoral fellow at Harvard University. Fascinated by the financial markets, he decided to pursue a career in investment management rather than academia. “What I like about both is an opportunity to solve puzzles,” he said. “Only in investment management, you see the impact from your work right away.” Post academia, Kozhemiakin worked as an emerging markets analyst at Citibank in New York from 1997 to 18 FIXED INCOME RISING STARS 10. MATTHIEU LOUANGES Executive Vice President and Co-Head of Portfolio Management PIMCO, Munich Age: 36 Education: Ecole Supérieure de Gestion (Master’s Degree in Finance) Mentor: William Powers, Managing Director and Senior Member of the Portfolio Management and Investment Strategy groups, PIMCO One month in the contrat notionnel pit of the Paris Stock Exchange in 1991 changed Louanges’ life. Being immersed in trading the French 10year future government contract introduced him to the fixed-income market, and a subsequent six-month

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