02.07.2026
The case for multi-sector income strategies
This year, fixed income markets have exhibited elevated levels of interest rate volatility, whereas credit spread volatility has been more contained.
Investing in global fixed income strategies
Moving capital to where opportunities arise with GMC | Global Multi-Sector Credit Group
Our clients include financial institutions, UHNWI, pension funds, insurance companies, corporates in Europe, the Middle East, Asia and Latin America, and, since 2008, we have been dedicated to actively investing their assets across global fixed income markets in all types of financial and economic regimes.
How to invest in global fixed income markets
Thanks to our clients’ confidence in us, the assets managed by the team have experienced sustained growth, rising from USD 4 billion in 2008 to USD 24 billion at the end of December 2025.
The team provides an investment platform serving a diverse range of investor profiles and which is built to operate across a range of market regimes.
These strategies provide investors with liquidity and capital preservation, focusing on short-term, high-quality instruments.
Designed for investors seeking stability, these strategies invest solely in investment-grade securities with short-to-moderate durations, aiming to generate steady income with low volatility.
Our flagship offering, these flexible portfolios are designed to navigate shifting market conditions, dynamically allocating across global fixed income sectors to capture opportunities and relative value, while managing macroeconomic risks.
Financial subordinated debt – and in particular AT1 bank debt – offers high-income potential from global banks and national banking champions, supported by extra capital cushions and rigorous regulatory oversight.
Liquid allocation to global high-yield markets via US and European high-yield credit indices. Superior liquidity drives outperformance in the high-yield arena.
Collateralised loan obligations (CLO) can provide superior high‑yield income through an allocation to BB‑rated CLO debt tranches. CLOs provide diversified exposure to bank loans with built‑in loss protection features.
The global convertible bond market is an incubator for high-growth companies in transformative sectors with a medium-to-high equity sensitivity.
A new regime for bond yields
The upswing in inflation in 2022/2023 propelled bond yields to heights mostly seen in the previous decade. This landscape of elevated yields is noticeable throughout all segments of fixed income assets, which makes a bond allocation well suited within an investment portfolio.
The opportunity set is broad and rich, allowing for the construction of allocations tailored to all investor profiles, from more defensive ones through to those with a greater risk appetite.
Moving capital across global fixed income markets
Your investments benefit from a multi-sector approach that seeks out opportunities across international debt markets.
We continuously screen fixed income markets to identify specialised credit opportunities with strong intrinsic asset quality, aiming to deliver predictable and enhanced income potential.
High-conviction investment views are built on the expertise and insights of our specialists whose experience spans a wide range of fields.
A collaborative, team-based investment process ensures that investment hypotheses are rigorously challenged from a range of perspectives through dedicated committee structures.
Disciplined portfolio management underpins the decision-making process, with diversified portfolio construction forming the foundation of a rigorous investment approach.
Ready to enhance your fixed income allocation?
Talk to our specialists to explore how their strategies can help you reach your investment goals.
Play our latest podcast
Take advantage of these 5-minute podcasts with UBP’s experts from the Global Multi-Sector Credit Group team to learn more about the latest trends within the asset class.
Explore our fixed income flagship strategies
Income
A multi‑sector income strategy designed for investors seeking an income‑generating anchor within their core fixed income allocation. The strategy invests actively across global fixed income markets and maintains an average investment-grade rating at all times.
Global high yield
A liquid and diversified high-yield strategy to allocate efficiently to global high-yield markets. The strategy is available with both a short- and standard-duration exposure to interest rates.
Convertible bonds
A global convertible‑bond strategy aiming to deliver superior returns to high‑yield markets thanks to a medium-to-high equity sensitivity. The global convertible-bond market is an incubator for high-growth companies in transformative sectors such as AI.
“Our range of strategies enables clients to allocate to global fixed income markets across all market cycles. Our clients truly appreciate the efficiency and transparency with which we implement our allocation decisions.”
Investor Insights
Global fixed income FAQs
Fixed income markets can provide stable income and capital preservation to complement an equity allocation. Historically, fixed income has experienced generally lower drawdowns and volatility than equities.
GMC’s Income strategy provides investors with a straightforward, diversified way to gain exposure to global fixed income. Portfolios are diversified across regions and sectors, with rigorous and active management of credit, interest rate, and other risks. The strategies are designed to adapt quickly and flexibly to evolving macroeconomic and financial conditions.
Investors can access high-yield markets through individual bonds or credit indices. High-yield bonds tend to be less liquid, especially in stressed markets, which erode investor returns, and illiquidity has a cost for investors. In contrast, high-yield credit indices in the US and Europe are diversified, liquid instruments across all market conditions.
Meet UBP’s fixed income experts
The GMC | Global Multi-Sector Credit Group combines extensive experience with in-depth expertise across global fixed income markets. Led by Philippe Gräub, the team includes highly experienced sector experts who are dedicated to delivering superior risk-adjusted returns to investment portfolios.
Key facts and figures
- A consistent investment process since 2007 under the same lead portfolio manager who has some 25 years of experience in the field.
- USD 24 billion in assets under management (as at 31 December 2025).
- 18 highly experienced investment professionals operating out of Geneva, London, and Paris.
- An investment platform serving a diverse range of investor profiles and built to operate across different market regimes.
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Beyond performance: curiosity, responsibility, and the discipline to see ideas through.
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Emerging market debt: Where carry meets conviction
In recent decades, emerging market debt has undergone a remarkable transformation. Tune in to our podcast to uncover why this dynamic asset class deserves your attention, and which segments our experts favour.
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Where will the fixed income sweet spot be in 2026?
Solid – but not overheated – growth could create fertile ground for carry-focused fixed income strategies in 2026.
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Emerging market debt: A new paradigm
Backed by solid fundamentals, competitive yields and increased economic resilience in issuing countries, emerging market debt now appears to be an attractive investment opportunity.
08.12.2025
Private bank UBP rolls out VCC fund with S$200 million in commitments
The fund will invest in fixed-income strategies; a second fund to be launched next year will invest in a hedge fund of funds.