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Australian retail investors should carefully consider their exposure to hybrid bonds following the multibillion-dollar wipe-out in Switzerland, according to a Pendal Group analyst.
Hybrids are marketed as unique securities combining elements of stocks and bonds. But they are under fresh scrutiny amid a series of global banking crises.
Private markets managers and bond fund managers are split on where to get the best returns in an uncertain world.
The funds giant recently launched a new boutique focused on alternative duration, led by Vimal Gor.