Institutions advised to ditch global bonds for Asian debt

Willis Towers Watson has been advising many of its institutional clients in Asia to switch out of global bonds and put 50% of their foreign fixed income portfolios in Asian debt and 50% in cash, as part of a steady allocation shift. “Our recommendation is primarily driven by considerations of relative risk rather than return,” said Peter Ryan-Kane, Asia-Pacific head of portfolio advisory at the consultancy. “We felt that global bonds were quite fully priced and more vulnerable to …