Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

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Specialists in equity portfolios in Asia Pacific, emerging markets, global and sustainable investment strategies

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High Yield Fixed Income

High Yield Fixed Income

Matt Philo
Senior Portfolio Manager, Co-Head of High Yield

Matt joined First State Investments in May 2016, and has 31 years of industry experience.

Previous to First State Investments, Matt was Executive  Managing Director/Head of High Yield at MacKay Shields LLC. He served as Portfolio Manager of $22 billion in Group assets across institutional and retail accounts. Matt joined MacKay Shields in 1996 and managed institutional accounts for the firm from September 1996 through May 2014.

Matt was portfolio manager of the MacKay Mainstay  High Yield Corporate Bond Fund (MHYIX) from December 2000 through May 2014.

Under his tenure, the MacKay group also managed long/short credit funds primarily focused on non-investment grade debt; the largest with approximately $800 million AUM.

Prior to Matt's 18 year tenure at MacKay Shields, he was a  Partner and Portfolio Manager at Thorsell Parker Partners, a value oriented equity asset management firm. He started his career as an Equity Analyst at Moran Asset Management, a TMT focused equity management firm.

Matt has an MBA in Finance from New York University Stern School of Business and a BA in Economics from University at Albany SUNY. Matt is a CFA Charterholder.

Jason Epstein
Senior Portfolio Manager, Co-Head of High Yield

Jason joined First State Investments in September  2016.

Jason has over 18 years fixed income investment  experience, most recently as a Managing Director  with Oak Hill Advisors where he was responsible  for managing investments in the building  products, chemicals, home-building, lodging and  paper & packaging sectors. Jason managed a  team of six analysts who supported his research  efforts.

Jason also has extensive experience as a research  analyst in the airlines, automotive, consumer, food  & beverage, media & telecom, metals & mining,  restaurants, retail, services and software sectors.  While at Oak Hill, Jason spent two years in London  helping to start the firm’s investment efforts across  Europe.

Prior to Oak Hill, Jason was an analyst within  investment banking at Credit Suisse First Boston  where he was a member of both the Financial  Sponsors and Technology groups.

Jason has a BS in Economics from The Wharton  School, University of Pennsylvania.

Linda Grillo
Head High Yield Trader

Linda has 28 years of experience as Head Trader through multiple credit market cycles and across most high yield strategies.

She was most recently affiliated with GoldenTree Asset Management LP, a hedge fund with $23 billion in assets under management, where she served as Co-Head of High Yield Trading since 2002. Linda’s notable achievements included collaborating in the build-out of the New York trading desk and establishing the trading desk in London.

Prior to joining GoldenTree Asset Management LP, Linda was Director and Head Trader of High Yield with MacKay-Shields Financial Corporation from 1989 – 2002. Linda was recognized for her ability to strategically execute high yield transactions and was instrumental in the growth of AUM from $2.7 billion to $10.5+ billion.  She propelled trade volume three-fold and aided in the portfolio’s outperformance of the Merrill Lynch High Yield Index by an average of 500-600 basis points. 

Linda holds a Bachelor of Arts in Economics from Brooklyn College.

Jonathan Mann

Jon has over 10 years of fixed income investment experience. Prior to joining FSI, he was a Credit Research Analyst for 3 years at Henderson Global investors. Jon covered US credits across the Basic Materials, Healthcare, Consumer Staples, Autos, Retail and Transports sectors.

Prior to joining Henderson, Jon spent 3 years as a Credit Research Analyst at JPMorgan Chase & Co. Jon was a member of the 2013 Institutional Investor second ranked High Yield Paper & Packaging, and second ranked High Yield Chemicals teams.

Jon began his career as a Credit Research Associate at Lord Abbett & Co., where he covered the High Yield Media and Entertainment sectors.

Jon has a BA, magna cum laude, in Economics-Mathematics from Columbia University, and is a CFA Charterholder. 

Sirisha Kurada

Sirisha has 7 years of institutional investment experience. Prior to joining FSI, she was a Corporate Credit Research Analyst at Barclay’s Bank from 2015-2019. Sirisha maintained coverage of the U.S. High Yield Energy sector, followed by a rotation covering European IG & HY Industrial credits. Most recently she has maintained credit coverage of the U.S. High Yield Mining, Chemicals and Aerospace/Defense sectors.

Prior to joining Barclay’s Bank, Sirisha spent 3 years at Nomura Structured Finance Services in Mumbai, India. She was responsible for providing risk management support to highly leveraged European flow rates trading. Sirisha also designed and coded algorithmic, risk hedging strategies in cooperation with peers in London.

Sirisha has a Bachelor of Technology and a Master of Technology degree from The Indian Institute of Technology Madras. She also has an MBA in Finance & Marketing from New York University Stern School of Business. She is also a CFA Charterholder. 

Lucas Siegel

Lucas spent 4 years at Citigroup prior to joining First State Investments, most recently as a High Yield Research Analyst focused on the Technology and Media & Telecom sectors.  He also spent six months as a High Yield Analyst in Citigroup’s London, UK office.

Prior to joining Citigroup, Lucas worked at Morgan Stanley as a Wealth Management Analyst, and at Young & Rubicam as a Corporate Finance Analyst

Lucas has a BS in Business, Financial Analyst honors program from University at Albany SUNY.  He has passed Level I of the CFA Program.

Benjamin Rowles

Ben spent 2 years at Citigroup prior to joining First State Investments, most recently as a High Yield Research Analyst focused on the Healthcare sector.  Prior industry assignments included the Energy, Technology, Media and Telecommunications sectors.

Ben earned three BS degrees from The Pennsylvania State University, in Finance, Mathematics and Economics.  He is a CFA level II candidate.

Matt Lindquist

Matt has 6 years of experience as a leveraged credit analyst. Prior to joining FSI he spent two years at Benefit Street Partners, responsible for coverage of the Consumer and Retail sectors across diverse strategies; including high yield, leveraged loans, distressed credit and long/short credit.

Prior to joining Benefit Street, Matt spent 3+years as a credit analyst at JPMorgan Chase & Co., gaining experience across diverse industry sectors.  Primary high yield credit coverage over his final 2 years focused on Cable TV/Satellite and Leisure. Matt was a member of an Institutional Investor second ranked High Yield Cable/Satellite research team.

Matt has a BS in Finance from Boston College, Wallace E. Carroll School of Management.