Getting to know Anne Moal - Senior High Yield Analyst

Anne Moal

Senior High Yield Analyst

Anne is an experienced credit markets specialist, having worked for 20 years in credit and fixed income markets in research, origination and trading roles. Anne is a Senior High Yield Analyst in the Credit and Fixed Income team at Perpetual Investments with a focus on higher yielding income opportunities.

Before joining Perpetual in 2014, Anne worked for 10 years at Deutsche Bank, Global Markets division in Sydney where she held various roles, including origination and underwriting of sub-investment grade debt, Head of the Distressed Product Group, Australia and Head of Credit Research. She has also held roles with major institutions in London, including Deutsche Bank, Bankers Trust International, Banque Nationale De Paris and Credit Lyonnais.


What initially drew you to this type of work - and what keeps you here?


I did not know what I wanted to do, so I always kept my options open: I studied a good mix of humanities, and maths and science. When looking at getting a first job, I wanted an analyst role to enable me to observe and understand parts of the economy and to give me time to figure out what I really wanted to do.

My role at Perpetual is very varied - from being instrumental in setting up the High Yield investment business, sourcing and analysing opportunities, managing them and finally marketing and fundraising. It is very busy and a lot of fun!


Who has had the biggest influence on your career so far?

Hard to say as I have always been quite independent and my career is relatively atypical.

I had some great mentors, starting with my uncle when I was a teenager who helped me navigate courses and find out what I was good at, then several of my bosses at Bankers Trust and Deutsche Bank (DB). They taught me a lot, from my analytical and investment skills, to managing relationships between teams and how to carve out my niche.


What was your very first job?

Middle office: part of a team implementing a new software in the fixed income dealing room of Credit Lyonnais in London in 1995. A roller coaster!

I was responsible for looking after that project for the repo desk. Imagine what they were thinking - a female graduate at 23 years old wanting to change their P&L and risk calculation! Our team’s project effectively meant the end of traders controlling revaluation prices, calculations, processes, etc. I had to be pretty sharp to reconcile the daily discrepancies between front and back office and impose the new system to replace front and back office ones. I would spend evenings manually calculating some of the stuff to make sure the software was correct so I could explain how the calculations had been derived and be equipped for the war the day after!

First, I won over the front office then the back office, and we finally went live. But it was constant fighting. Very tough, but a great experience in the sense of teaching me intellectual and ethical rigour, and developing my communicative and argumentative skills, and disregarding a lot of posturing and dysfunctionality. Just put your head down and get it done!


What has been the biggest change for you to move from Europe to Australia?

In 1999 I joined the DB distressed debt team in London and it was very exciting. The High Yield European market had barely taken off but the telco bubble imploded providing lots of distressed opportunities! Coming to Australia in 2002, it was difficult as there was no high yield market and very little distressed debt trading. But I was given the chance to start DB’s distressed debt business in Sydney and seized it. It kept me busy for a couple of years and helped to establish myself locally.


What’s the best piece of advice that you have received?

From my DB management in Sydney: value your time, and make sure your colleagues value it. This is key to enable you to align resources (your time, priorities and budget) and objectives realistically.

A few years later, as life became more complicated with family and children, it was very helpful for me to decide to change some of my positions according to how much I wanted to work. I always decided and organised who was taking over while I was on maternity leave and I made sure I returned in a position more adapted to what my life had become and how I wanted to manage it. I have not had any role model as there are not many women in our industry, but as long as you have worked out the solution and present it to your key decision makers, they are usually very supportive because they value your time.


What do you think will be your biggest challenge for 2018?

In Australia, it is nearly always a challenge to find good priced assets, there is always a lot of capital floating around. But the high yield market has been developing in the past few years, and we have helped some parts of the market and I'm confident that Perpetual is a valued partner and investor in this market.


Do you have a skill/hidden talent?

Haha! Absolutely none and I learnt that early on!

When I was 6, the local dance teacher told my mother not to bother enrolling me as I could not do the splits and did not have a good sense of rhythm. At age 8 or 9, my primary teacher asked me not to sing in the school end of year presentation because I made all the kids sing off notes! When I started tennis at age 9, I could not bounce the ball and hit it… for months! Definitely not gifted!!! But I ended up being not such a bad tennis player… I learnt that for me, the important thing was perseverance!

Luckily, making friends and school were quite easy for me, so none of those setbacks affected me.




This content has been prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426 and issued by Perpetual Trustee Company Limited (PTCo) ABN 42 000 001 007, AFSL 236643. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. Any views expressed in this document are opinions of the author at the time of writing and do not constitute a recommendation to act.


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