At AlbaCore, we focus on the long-term. As one of Europe’s leading alternative credit specialists, we invest in private capital solutions, opportunistic and dislocated credit, and structured products. 

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

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Our philosophy is very simple. We are constantly searching for high quality businesses and when we acquire them, we will work relentlessly with them to create long-term sustainable value through innovation, ESG-led and proactive asset management.

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formerly Realindex Investments

Leader in active quantitative equities across Australian equities, global equities, emerging markets and global small companies.

Backed by a unique blend of research, portfolio construction and risk management, focused on uncovering original insights and translating them into investment strategies that are active and systematic, aiming to generate alpha.

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Stewart Investors manage investment portfolios on behalf of our clients over the long term and have held shares in some companies for over 20 years. They launched their first investment strategy in 1988.

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Global Credit

Global Credit team

Tony Togher
Head of Fixed Income, Short Term Investments and Global Credit

As Head of Fixed Income, Short Term Investments & Global Credit, Tony oversees of a range of fixed income, credit, and cash investment capabilities. He provides investment leadership and strategy to deliver on a wide variety of client objectives.  He also has responsibility for investment outcomes, governance, team management, product development, client servicing, business development, and managing our counterparty relationships. Over his career spanning more than three decades, Tony has a proven track record of achieving success as an investor, engaging with clients, managing businesses, and nurturing talent. Tony joined First Sentier Investors in March 2002 as a result of the merger of Commonwealth Investment Management and (then) Colonial First State, where he had established the Cash business in April 1988. Prior to this, Tony was employed at the Commonwealth Bank of Australia, in the Global Markets Treasury Division, in a variety of portfolio trading roles. In 2003, Tony was appointed as a Trustee Director of the Commonwealth Bank Officers Superannuation Corporation (CBA Group Super). In 2012, Tony was appointed to the Market Governance Committee of the Australian Financial Markets Association (AFMA), where he currently acts as Deputy Chair.

Craig Morabito
Senior Portfolio Manager

Craig Morabito is a Senior Portfolio Manager within the Fixed Income, Short Term Investments and Global Credit team at First Sentier Investors. Craig is responsible for investment strategy, management, product development, and client servicing of FSI's global credit strategies.

Craig has extensive experience and proven success across all aspects of portfolio management including; macro strategy, security selection, relative value analysis and portfolio construction. Craig’s investment leadership has seen FSI’s suite of global credit strategies outperform benchmarks and achieve top tier peer relative performance.

Craig began his career at First Sentier Investors as a Credit Analyst in June 2005, covering Financials and Consumer non-Cyclicals. In his time as a credit analyst he helped successfully guide the portfolios through the GFC and was also involved in the establishment of the ESG risk rating process.

In July 2010, Craig was promoted to portfolio manager for a number of passive, active and ALM Australian fixed income and credit portfolios. Craig commenced responsibility for the suite of Global Credit strategies in 2014. Craig has successfully guided the launch of a pure Global Investment Grade strategy in 2016 and Sustainable Loan strategy in 2021.

Craig is a CFA Charter holder. He holds a Master of Applied Finance from Macquarie University, a Diploma of Financial Planning and a Diploma of Financial Markets from FINISIA. Craig is also member of the CFA Society of Sydney.

Ben Samuel
Portfolio Manager

Ben joined First Sentier Investors in June 2015. His role in the Short Term Investments team encompasses investment strategy, portfolio construction and management, product development, and client servicing. Ben has extensive experience and proven success across all aspects of portfolio management including macro strategy, security selection, relative value analysis, portfolio construction, and overlay and derivative management.

Ben was previously responsible for First Sentier Investors' Global Credit suite of products, where he jointly oversaw a range of strategies across the risk spectrum, all of which delivered genuine peer-relative and benchmark-relative outperformance during his tenure.

Prior to joining First Sentier Investors, Ben spent five years at Queensland Treasury Corporation working in various analytical roles across the Risk and Markets businesses. Ben holds a Bachelor of Business and Master of Business (App. Fin.) from the Queensland University of Technology.

Ky Van Tang
Co-Lead, Credit Research

Ky Van is Head of Credit Research focused on overseeing credit research produced by the Short Term Investments team. She joined First Sentier Investors in January 2017 and retains active coverage on corporates. Ky Van is an experienced analyst in fundamental and relative value elements of research across a broad section of the credit market.  Furthermore, she champions the team’s ESG integration efforts.

Prior to joining First Sentier Investors, Ky Van was a Senior Credit Analyst at QIC and spent more than eight years in London as an analyst and manager of high yield credits for Aberdeen Asset Management and Canaccord. Ky Van commenced her career with Aberdeen Asset Management in Sydney covering Australian and Dollar Bloc IG credits.

She holds a double degree in Bachelor of Science (Adv)/Bachelor of Commerce and is a CFA Charter holder.

Mike Arnold
Co-Lead, Credit Research

Mike is Co-Lead of Credit Research focused on oversight of the credit research function and the further harmonisation of methods across both the rating and relative value elements of credit analysis worldwide. He joined the company in May 2014 and retains active coverage responsibilities, primarily in the investment grade Financials, Healthcare, and Consumer sectors. Prior to joining the company, Mike worked at Invesco, most recently as a Senior Credit Analyst, Investment Grade Credit. Mike served on active duty in the United States Army’s 1st Cavalry Division as a Combat Engineer Officer. He is a 1997 graduate of The United States Military Academy in West Point, NY and has a Master of Business Administration degree from Bellarmine University. 

Andrew Woerner
Senior Credit Analyst

Andrew is responsible for corporate credit analysis and relative value opportunities within the US Investment Grade credit universe, with a focus on Telecommunication, Media, and Telecom (TMT), Transportation, Capital Goods, and Manufacturing sectors. Andrew joined First Sentier Investors in July 2014 and has over a decade of investment experience. Prior to joining First Sentier Investors, Andrew was an Associate Fixed Income Analyst at Invesco in Atlanta, Georgia. In this position, Andrew performed credit research on corporate issuers of money market securities, as well as covering Investment Grade Consumer Staples issuers and assessing counterparty risk for Invesco Fixed Income. Andrew graduated from the University of Louisville with a Bachelor of Science in Finance.

Jenny Khamphet
Senior Credit Analyst

Jenny Khamphet is a Senior Credit Analyst in the Credit Research team at First Sentier Investors. Jenny joined the research team in November 2018 but had previously worked as a contractor within the team from August 2015 to February 2018.

Jenny’s primary responsibility is to monitor companies in the Energy, Pharmaceuticals, Utilities and Packaged Foods sectors.

Jenny has over 20 years of experience in the financial markets having held roles on both the buy-side and sell-side of the debt and equity markets. She has had extensive coverage in both Australian and Global companies covering a range of sectors such as Media, Energy, Pharmaceuticals, Consumables, Retailers, Airports, Airlines, Utilities and Financials. Prior to joining First Sentier Investors, Jenny worked at the National Australia Bank providing credit research on the sell-side, Commonwealth Bank of Australia providing sell-side credit research, Merrill Lynch providing sell-side equity research and Prudential Portfolio Asset Management providing buy-side equity research.  

Jenny holds a Bachelor of Commerce (Accounting) at the University of NSW, has a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia, holds a Graduate Diploma in Financial Planning and is a CFA Charterholder.

Alan Ng
Senior Credit Analyst

As Senior Credit Analyst, Alan is responsible for credit research and analysis of global (ex-Asia) financial institutions. Alan has over 18 years’ experience. Prior to this, Alan was a Relationship Manager within the investment banking unit of BNP Paribas. Alan has a Bachelors of Commerce Actuarial and is a CFA charterholder.

Patricia Gacis
Credit Analyst

As Credit Analyst, Patricia is responsible for credit analysis, focusing on the Consumer Discretionary and Non-Discretionary, Airports, Manufacturing, Oil & Gas and Pharmaceuticals sectors. Patricia has over 13 years’ experience. Prior to this, Patricia was an Assistant Portfolio Manager in the Fixed Income team at QBE Group. Patricia holds bachelor degrees in Commerce, Actuarial Studies, Science and Computer Science from Macquarie University, and is AFMA accredited. 

Mark Jenkinson
Credit Analyst

Mark Jenkinson is a Credit Analyst in the Fixed Income, Short Term Investments and Global Credit Team based in our London office. He joined the team in February 2021 and primarily covers investment grade European/UK banks and Financials.

Prior to joining First Sentier Investors, Mark spent nearly six years as a credit rating analyst at Moody’s Investors Service in London and Frankfurt. He was responsible for the coverage of Swiss Global Investment Banks and EMEA Banks, performing fundamental credit analysis throughout the liability structure and in-depth research.

Mark holds a BSc (Hons) in Business Finance and Economics and a MSc in Finance and Economics from the University of East Anglia. He is bilingual in English and German.

Jenny Avdoi
Credit Analyst

Jenny Avdoi is a Credit Analyst in the Fixed Income, Short Term Investments and Global Credit Team, based in our London office. Jenny joined the credit research team in May 2023 and her primary responsibility is for European investment grade Industrials and Utilities.

Prior to joining First Sentier Investors, Jenny spent nearly five years at Barclays. She started in the firm’s Wealth & Investment Management division, before moving to the Credit Research team within the Investment Bank. In her role as a Credit Strategist, Jenny covered the European investment grade sector, focusing on top-down assessment of opportunities in the market. Her responsibilities included developing and maintaining quantitative models and screens for assessing relative value opportunities, producing a wide range of forecasts and publishing sell-side research.

Jenny holds a BA (Hons) In Philosophy, Politics and Economics from Durham University and is a CFA charterholder. She is bilingual in English and Russian.

Natasha Feder
Portfolio Manager / Structured Credit Analyst

Natasha is a Portfolio Manager on the Short Term Investments team, as well as a Structured Credit Analyst, providing important expertise for the global credit function. Natasha has over 30 years of experience including her previous role at CFSGAM as a Senior Credit Analyst focused on global (ex-Asia) banking credit. Prior to CFSGAM Natasha was a Senior Credit Analyst – Vice President at State Street Global Advisors (SSgA) where she was responsible for analysing all fixed income and cash assets issued in Australia, and was actively involved in the marketing of SSgA funds to clients, rating agencies and asset consultants. Prior to SSgA, Natasha was an Associate Director of the Relationship Credit Group (Natural Resources) at ANZ. Natasha has extensive experience in corporate lending, project and structured finance, securitisation and credit analysis with several international banks including Credit Suisse and Toronto Dominion. In addition, Natasha has also worked with Merrill Lynch, and HSBC Securities as a sell-side equity analyst covering resource companies and bulk commodities.

Natasha holds a Bachelor of Science (Zoology) and a Bachelor of Arts (Economics and Politics) from The University of Melbourne, a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia, and a Masters of Accounting Studies from the University of New England. Natasha is also a CPA and a Senior Fellow of the Financial Services Institute of Australasia.

Ethan King
Structured Credit Analyst

Ethan is a Structured Credit Analyst in the Short Term Investors team at First Sentier Investors. Ethan joined the team in May 2022 having previously worked at ANZ bank in the Institutional Division. Ethan began working at ANZ in 2013 as an intern rotating through Structured Trade Finance, Credit and Relationship Management. In 2017 he took a full-time position in the Structured Trade Finance team managing a range of Borrowing Base, Prepayment and Warehouse Repurchase facilities.  In 2020 he joined the Supply Chain Finance Product Team where he was responsible for managing and developing ANZ’s product offerings of Receivables Finance, Payables Finance and Asset Backed Notes programs. 

Ethan graduated from the University of Sydney in 2018 with a Bachelors of Agriculture and Economics. He also holds a Masters of Applied Finance from Macquarie University having graduated in 2021. 

Melissa Liu
Portfolio Analyst

Melissa is a Portfolio Analyst within the Short Term Investments team at First Sentier Investors, based in Sydney. Melissa is responsible for global credit portfolio construction and idea generation through quantitative analysis, modelling development and process automation using various programming languages. She is also involved in regular risk management and reporting. Melissa first joined First Sentier Investors as a Graduate in February 2022. Prior to this, she was a Banking Consultant at Suncorp.

Melissa holds a Bachelor of Commerce (majored in Economics and Finance) from the University of Melbourne and a Master of Data Science from Monash University. She holds the Certificate in Quantitative Finance (CQF) designation and she has completed level I and II exams of CFA and FRM programs.