When Payson Swaffield joined 28 years ago, Eaton Vance had around $10bn AuM, predominantly in municipal bonds. He is now the chief income investment officer of a firm that has over $300bn across all asset classes but “the culture still comes from the income side of investing”.

Eaton Vance now has roughly $93bn spread out over three fixed income franchises. Firstly, corporate credit, comprising investment grade and high yield credit (including floating rate loans). Secondly, municipal bonds. Thirdly, global fixed income, which is largely focused on sovereign credit.

“We view our strengths as being in analysing corporate credit, municipal bond credit and sovereign credit. The culture here is of having a longer-term perspective in terms of how we approach investments.”

Swaffield says that the ownership structure of the company has allowed it to take this long-term view. The management of the company control all of the voting shares and are compelled to sell their stakes when they leave or retire. “It means that our future is somewhat in our hands. It is almost as if we are operating as a quasi-private company .

“I believe that nothing is more important in investment than having a long-term perspective. Our analysts can think long term, our portfolio managers can think long term and we think that results in better performance for our investors,” says Swaffield, adding that the approach has enabled the firm to retain its top talent.

Eaton Vance has recently bolstered its high yield effort by building up a global high yield team based in its London office, integrated with its team in Boston. The team follows European companies and will help with the creation of new products for European and global investors.

In leveraged credit it offers four product offerings: a floating rate bank loans product (which can invest in the US and Europe); a US high yield loan product; a new global high yield loan product (launched 2015); and finally a multi-asset credit product.

“Multi-asset credit is a combination of either floating rate or high yield bonds, or a lesser extent investment grade corporate bonds. Basically, to invest in credit where we think it makes sense, when it makes sense.”

Its “free to roam” strategy is facilitated by bringing in expertise from across the fixed income business. “We believe that this new product will be of great appeal to European and other investors around the world. Certain investors may be interested in floating rate loans or high yield bonds but would like us to make the decision over which asset class they should be in.”

The other product range that is attracting interest is its global products, especially long-only products in emerging market debt, primarily in local currencies.

“We have a capable global team, which trades 24/7 in a hundred local markets around the world. We invest in long-only emerging market debt products, including frontier markets as well a long-short product, an absolute return product, in emerging markets and frontier markets. Eaton Vance calls this product Global Macro Absolute Return.”