1. SANDEEP BHATIA
136 Cholmley Gardens, West Hampstead, London NW6 1AB
Email address sandeepbhatia@me.com Contact telephone 07990 975 950
Summary Achievements / Characteristics
Macro credentials / experience
My investment approach and philosophy is value driven, with a primary focus on top down macro driven
research, embracing economic and corporate sector fundamentals. I have excellent macro-economic
credentials, skills and intuition, with experience over a range of market cycles and environments, and have
driven the macro thematic views which has formed the basis of portfolio strategy across the organizations I
have worked for.
I have a strong track record of improving the macro, market and event risk analysis to the investment teams I
been responsible for. Both at Aviva and Statestreet, I re-engineered our global investment process to bring
greater focus to specific macro and market themes, which has been key to improving performance.
In this regard, I have frequently written research notes covering a wide range of subjects, from debt
sustainability in Europe, geopolitical developments, fundamental trends in credit markets, covering
fundamental trends and valuation metrics, and productivity trends in developed markets.
Credit / Corporate sector experience
My day to day focus for over 10 years has been running credit funds across currencies, centered on European
and Sterling investment grade and high yield, though I have run global credit mandates in the recent past.
As such I have strong experience of corporate sector fundamentals and analysis, with a specific focus on
selecting industry groups based on cyclical and structural factors as well as earnings and leverage metrics.
As part of this research effort, I have considerable experience of working with sector specialists and equity
analysts and portfolio managers, with a particular specialization in financials, telecoms, media and consumer
sectors.
Portfolio Management experience
I have very strong experience of fixed income markets, having run active strategies for a range of large asset
managers, including UBS Asset Management, Aviva Investors and Statestreet Global Advisors.
The active mandates I have run have ranged from medium to higher alpha targets, with broad flexibility in using
both physical and synthetic instruments. Given this flexibility and my broader fixed income responsibilities, I
have a strong aptitude for finding the optimal way to reflect strategic views using different alpha drivers,
embracing interest rate, currency and credit levers.
As such I have regularly used credit derivatives, interest rate derivatives and currency overlays to exploit
valuation anomalies and strategic views, and worked closely with multi-asset teams to formulate strategy and
reflect views across fixed income.
External / internal client facing experience
In my previous role as head of Alpha Strategies at Statestreet Global Advisors, I was responsible for the whole
European fixed income book of business, in addition to my day to day responsibility for the active credit funds.
As such I was responsible for meeting and managing relationships with external clients, explaining performance
and market views, and pitching for new business on occasion. In addition, I represented the teams’ capabilities
to various internal audiences, from both an investment and business perspective.

2. Professional Experience
2014 – Present AVIVA INVESTORS
Senior Fixed Income Portfolio Manager
• Lead portfolio manager for flagship active corporate bond portfolio, investing across investment grade
and high yield in Euros, US Dollars and GBP.
• Re-engineered valuation framework for global credit, embracing fundamental, technical and macro
signals, in addition to range of valuation metrics.
• Key member of broader fixed income strategy process, covering investment grade, high yield and
developed / emerging market sovereign rates.
• Within broader strategy process, responsible for defining broader macro themes, driven from research
to strategy implementation.
• Specific thematic responsibility for global geopolitics, raising awareness of developments and event
risks.
2010 – 2013 STATESTREET GLOBAL ADVISORS (Active Fixed Income)
European Head of Alpha Strategies (Vice-President)
• Developed macro focused, research driven investment framework, applied across the breadth of fixed
income and currency mandates.
• Developed investment process for active model strategies, integrating a risk budgeting framework and
strategy based performance attribution system.
• Represented active capability to internal and external audiences, including clients, consultants and new
business opportunities.
Investment / Portfolio Management responsibilities
• Responsible for Active Fixed Income team managing credit, aggregate and sovereign bond portfolios
across currencies
• Client types ranged from pension funds to official institutions, comprising Global and Euro mandates
• Alpha sources employed covered full breadth of fixed income and currency levers
• Asset allocation across global fixed income, leveraging cross-country and sector relative value
• Interest rate views, both directional, yield curve and cross-market relative value
• Active currency overlays, exploiting valuation anomalies in G10 currency pairs.
• Alpha targets ranged from low-active (targeting +30bps) to full active accounts (+200bps)
Lead Portfolio Manager for Credit portfolios, managing active investment grade and high yield
mandates
• Responsible for defining all aspects of credit model portfolios and strategies
• Alpha strategies in spread sectors comprised asset allocation/ratings/industry/issuer selection views
• Model portfolios cover euro and global investment grade, and euro high yield
• Worked closely with portfolio managers, ensuring optimal interpretation of model strategies

3. 1996 – 2009 UBS GLOBAL ASSET MANAGEMENT
Senior Credit Portfolio Manager (2001-2009)
• Responsible for running all credit for UK clients, principally single and multi-currency investment
grade and high yield.
• Active mandates ranged from standard (+75bps) to higher risk (+200bps)
• Top down credit strategy setting for full product range, both long only and long / short portfolios
• Ran extensive credit derivative overlays for long / short products, employing a range of strategies
• Asset allocation strategies using full range of CDS indices, including investment grade, high yield, loans
(LCDX), CMBX, and synthetic tranches.
• Alpha optimization using single name CDS for issuer relative value (pair trades within and across
industry groups), industry relative value (baskets of single names) and sector relative value trades
between US / EUR investment grade, Hi-Vol and High Yield.
Portfolio Manager, Global Government bonds (1996-2001)
• Portfolio management responsibilities covered Global Sovereign, UK Fixed Income, and Index Linked funds.
• Lead macroeconomic researcher for Japan and Far East, involved regular economic and market updates
for Fixed Income and Asset Allocation committees, plus quarterly written reports and strategy
recommendations.
• Ad-hoc research projects for Chief Investment Officer
EDUCATION
1994-1995 Warwick University
Masters in Economics and Finance.
1993-1994 Universite de la Sorbonne
Diplome d’Etudes de Langues Francaises
Course for foreign language students, with written exams in Philosophy, Politics
and French literature
1990-1993 University College London
BSc Economics Upper Second awarded
1979-1990 Haberdashers Aske’s School for Boys
A-Levels : Maths (B), Physics (B), Chemistry (B)