Why local-currency bonds are our favourite EM asset

Innes McFee is the Managing Director of Macro and Investor Services, based in London. Innes oversees the activities of the Macro & Investor Services teams globally, including the Global Macro Forecast and Global Macro Service.

Innes joined Oxford Economics in 2017 after 6 years at Lloyds Banking Group as a Senior Economist. At Lloyds Innes was responsible for the economic scenarios underpinning the Group’s internal planning and stress testing; analysis of key risks; and developing Lloyds’ approach to multiple economic scenarios for IFRS9. In addition, Innes’ role included developing the Group’s capability in modelling macroeconomic fundamentals and UK banking markets and advising the Group Corporate Treasury on financial market developments.

Prior to joining Lloyds Innes was an Economic Advisor at HM Treasury where his roles included management of the UK’s foreign currency reserves; US economist; and G20 macroeconomic policy advisor. Innes has a first class undergraduate degree in Economics from the University of Durham and a MSc in Economics from Warwick University.

Javier Corominas is Director of Global Macro Strategy at Oxford Economics. He is co-responsible for global strategic asset allocation as well the tactical calls across all asset classes. Additionally, he has a significant focus on providing thematic macro strategy research to generate actionable investment advice for asset allocators, portfolio managers and corporate Treasurers.

Javier is a senior macro and multi-asset investment strategist with over 16 years’ experience in active portfolio management as well as in independent macro research.

He has a background in macro-economic modelling and forecasting, portfolio optimization and risk budgeting, asset allocation (SAA and TAA), relative value models and global thematic investment research. This is coupled with a demonstrable track record in drawing conclusions for key asset markets, and developing profitable trade and investment strategies in FX, rates and the liquid asset classes.

Prior to re-joining Oxford Economics, he was a Director and Head of Research at Record Currency Management, one of the largest institutional currency managers in the world, with pension funds, insurance companies, family offices and private equity houses as clients globally.

Javier is regular commentator on currency, fixed income and broader global macro themes in the financial media/press and a regular speaker and presenter at global investment conferences and fora.

Javier holds both a First-Class Degree and an M. Phil in Economics from Cambridge University. He has a keen interest in world history and all manner of racquet sports, and is also fluent in Spanish and French.

Conor Nevin is a Senior Director and Head of Asset Management Sales in the US East Coast, and UK & Ireland territories.

Prior to joining Oxford Economics in 2019, Conor worked at another leading provider of macroeconomic research, Capital Economics, where he managed the North American Sales Teams for five years. Conor’s experience before entering the world of economic research is in financial services, providing investment and financial planning advice to clients in Ireland.

Sergi’s research focuses on emerging and frontier markets. He joined Oxford Economics in 2023. He previously worked on emerging markets and the eurozone at the Institute of International Finance and IMF. He began his career at the Bank of England.