Friday, 1 August 2014
Last updated 4 hours ago
Jul 12 2013 | 3:05am ET
David Riley, who as head of sovereigns at Fitch Ratings stripped the U.K. of its triple-A credit rating, is joining one of the country's largest hedge funds.
Riley was named head of credit strategy at BlueBay, which manages US$55.7 billion. He will formally join the firm in September; he left Fitch earlier this month.
"We believe market developments since 2008 demonstrate that the pricing of sovereign and corporate risk is becoming increasingly interdependent," new boss Mark Pool, BlueBay's chief investment officer, said. "Sovereign credit risk can determine where corporates are able to issue, and equally no sovereign can escape the implications of fundamental weakness in its domestic banking sector. David's experience at Fitch has left him very well-positioned to provide a unique perspective on this interconnection, and I look forward to working with him."