Hugh Willis, chief executive Willis was previously co-head of European credit arbitrage at JP Morgan, which he joined in 1981, and held senior positions in credit arbitrage trading at Kleinwort Benson from 1989. One analyst said: “He is a very good salesman for BlueBay. I haven’t met a client who would disagree that he can sell their funds very effectively.”

At BlueBay's interim results in September, Willis noted: "Credit managers will need to be able to react successfully to the next likely phase of the cycle, in which a rising tide ceases to lift all boats, and returns become driven to an increasing extent by accurate credit selection."