Chris Iggo, a prominent figure in the investment world with over three decades of experience, is retiring from his role as Chair of the Investment Institute and CIO for AXA IM Core at BNP Paribas Asset Management. Iggo, who previously held senior leadership positions focusing on fixed income in Asia and Europe, is known for his insights across various asset classes.
Despite the current unsettled state of bond markets and heightened concerns over governmental debt, Iggo maintains an optimistic outlook. He suggests that a bond rally could be triggered by factors such as weaker economic data, more dovish central banks, or a significant equity market correction. However, he acknowledges that these triggers are not currently present.
Iggo's perspective contrasts with some market sentiment, including that of Matthew Robinson MCSI, who expressed continued avoidance of bonds since 2017 due to concerns about money-printing and potential inflationary pressures impacting fixed coupon bonds. Iggo's 2026 outlook, released previously, anticipated continued central bank easing and lower interest rates in both the US and Europe, benefiting fixed income markets. He projected a positive scenario for credit markets, assuming a resilient global economy and stable fiscal policies.
His departure comes at a time when other major bond managers, like Vanguard's Arvind Narayan, are advocating for caution, advising against taking excessive risks in the current tumultuous market. Iggo, however, has also recently made the case for remaining bullish on equities and high-yield credit, while warning of a challenging period for US long bonds due to elections, inflation, and changes in Federal Reserve policy.
