Bond market deep-dive panel discussion

Ales Koutny, CFA, is the Head of International Rates at Vanguard. He is responsible for the portfolio management of global governments and foreign exchange strategies. He joined the company in 2023.

Prior to joining Vanguard, Ales was a Global Macro Portfolio Manager at Janus Henderson, where he spent 8 years managing a range of global and unconstrained strategies. He started his career as an Analyst at JP Morgan Asset Management.

A CFA® charter holder, Ales also holds a M.Sc. in Data Science from City, University of London and a M.Sc. in Finance from Grenoble EM. He earned a B.A. (Hons) in Entrepreneurship from Manchester Metropolitan University.

Nick Eisinger is a Principal and co-head of Vanguard Emerging Markets active fixed income. In addition he is a senior member of the global (credit) asset allocation committee.

Nick previously worked at Fidelity Investments on global bond markets (EM and developed) and macro strategy.  Nick has also worked at Deutsche Bank in London on structuring asset-backed transactions across the Middle East and Emerging Europe.  Nick was previously head of the emerging markets securitization team at Fitch in London, and before that worked in global sovereign ratings, also at Fitch, for over 7 years. Nick graduated from the University of Edinburgh with a 2.1 in modern languages, and also holds a MSc. Post Graduate degree in Latin American Politics and Economics from London University.

Sarang Kulkarni is the lead portfolio manager for our active Global Credit and Pan-European Corporate strategies.

Prior to joining Vanguard, Sarang worked at Schroders Investment Management where he was the co-lead manager for a range of global credit funds invested in opportunities in investment grade, high yield and emerging market debt.  As part of his role, Sarang worked closely with analysts, strategists and portfolio managers across the globe.

Before Schroders, Sarang was a Senior Portfolio Manager at Aerion Fund Management, the principal investment manager to the British Gas Pension Scheme where he was responsible for the scheme’s GBP investment grade portfolio.  Sarang also played a key role in the fixed income strategy committee as well as on the cross-asset thematic investment team.

Sarang started his career as a corporate financier in Asia working for Peregrine Capital.  He moved to London in 1998 to work with Andersen Corporate Finance. During that time, Sarang was responsible for creating several innovative debt financing solutions for the Infrastructure, Utilities and Acquisition Financing sectors.

Sarang is a CFA Charterholder and holds a Post Graduate Diploma in Management from the Indian Institute of Management - Calcutta, and a Bachelors' degree in Electrical Engineering from the University of Mumbai. Having lived and worked on three different continents, Sarang is a keen traveller, very curious about local cultures – especially the cuisines!

Kelly Gemmell, CFA, Heads the Fixed Income Product Specialism team in Europe. Her team covers active and index mutual funds and ETFs.

Kelly joined Vanguard in 2022, having previously worked in discretionary portfolio management at Morgan Stanley and Credit Suisse. She analysed equity and fixed income securities and managed equity, fixed income and multi asset portfolios. She also led the development of the sustainable direct securities platform for both equity and fixed income.

Kelly holds a bachelor’s degree in Business Management from Kings College London, is a CFA charterholder and holds CFA institute certificates in both ESG investing and Climate and Investing.