Payden & Rygel, one of the largest, privately-owned US institutional fund managers, is to significantly boost its European fixed income presence with the hire of five new credit analysts in the next six to 12 months.

Robin Creswell, managing principal at Payden & Rygel in London, said the US house would hire credit specialists from Spain, Poland, Croatia, Germany and France in a bid to get "thorough local knowledge" of the corporate bond markets in each target country.