Sydbank EM Debt

Sydinvest EM has delegated investment management and fund administration to Syd Fund Management A/S a wholly owned group company of Sydbank A/S. In addition, the Fund has appointed Sydbank Asset Management, business division of Sydbank A/S, as investment advisor to the funds.

Sydinvest EM currently holds these sub-funds:

Bonds I EUR Acc h
Sustainable Blended Debt USD Acc
Local Currency Bonds I EUR Acc
Sustainable Bonds

The Sydbank EM Debt Team is operating its business from Aabenraa, Denmark. Head of EM Debt is Thomas Brund, who joined Sydbank in 2007 and has led the team since 2011. The team assumed management of the Strategy in 2007 and can date its track record as far back as 2001. The team counts 4 portfolio managers, 1 senior economist and one senior trader. In addition, the team has dedicated support from the Fixed Income Research Team, who backs the investment team with up to three quantitative analysts.

From 2001 and until today the core investment managers have formed an unbroken partnership that is unique in the industry. Since their start in Sydbank October 2007, there has been only one turnover event. 

The investment management team is structured to cover the global asset allocation as well as specific research focus to each of the two sub-asset classes; hard and local currency. The global research agenda and cross-asset allocation is co-managed by head of team Thomas Brund and Phillip Blackwood, Advisor. Senor Portfolio Managers Rune Juel Hansen and Jens Eric Boesen lead the team’s hard and local currency research efforts.

Members of the Team:

Thomas Brund
Head of EM Debt - joined Sydbank EM Debt in November 2007 from the Danish asset manager Jyske Invest where he managed EM debt hard and local currency portfolios as Senior Portfolio Manager. His investment manager career began back in 1996 where he took management of Sydbank’s Danish fixed income portfolios. In 1998 he moved on to become fixed income analyst at Jyske Bank. In 2001, he assumed the role as Head of Fixed Income in Jyske Invest until 2005 where he decided to focus entirely on EM debt and participate in the launch the firm’s first EM local currency strategy.

Thomas’ key role is to oversee the Team’s entire investment process with a particular focus on the Research Agenda and overall risk management. His investment focus is global EM debt across both the hard and local currency sovereign universe where he contributes to all aspects of the credit research and relative value analysis.

Thomas originally developed the Team’s quantitative fundamental score model COSMO that anchors an important part of the initial country research. In 2013, Thomas led the effort to build a separate proprietary ESG sovereign screening process to emphasize a sustainable investment profile at a time where the industry had no answer to the demand coming from stakeholders and institutional investors. In 2010, he successfully launched the Team’s two blended EM debt strategies with 110m EUR seeding obtained from three Danish institutions.

Thomas holds a BSc in Finance from Aarhus University.

Rune Juel Hansen
 Senior Portfolio Manager - joined Sydbank EM Debt in October 2007 from the Danish bank Jyske Bank’s Emerging Markets Fixed Income Division where he held a position as Quantitative Analyst. Rune began his career in 2004 in Jyske Bank and worked closely with colleagues Thomas Brund and Phillip Blackwood on the EM debt strategies in Jyske Invest. Their partnership has continued in Sydbank where Rune has held the role as Senior Portfolio Manager covering a number of research responsibilities. Most notably is Rune’s skills in the quantitative research approach where he has made significant contributions to the Team’s Relative Value approach on EM FX and credit, specialist assets and EM Frontier markets.

Rune is responsible for anchoring the Team’s Hard Currency research and ensure that credit opportunities on the Research Agenda has full focus and is brought forward to the final portfolio construction. He participates equally with the other three portfolio managers in the final allocation process.

Rune holds an MSc in Finance from Aarhus University.

Jens Erik Boesen
Senior Portfolio Manager - joined Sydbank EM Debt in May 2013 from a position as Senior Risk Analyst with DONG Energy Markets (the Danish national oil and gas exploration and production company) where he had primary responsibility on long term market risks including global macro and FX markets. Before assuming his role with DONG Jens Erik was an economist with the Danish Central Bank’s Market Operations Division, where he managed risk on the Central Bank’s FX Reserves.

Jens Erik’s primary contributions to the Team’s investment process is within the FX research, quantitative modelling and risk management modelling. He is responsible for anchoring the Team’s Local Currency research and ensure that opportunities in rates and FX on the Research Agenda has full focus and is brought forward to the final portfolio construction. He participates equally with the other three portfolio managers in the final allocation process.

Jens Erik holds an MSc in Economics from Aarhus University.

Phillip Blackwood
Joined Sydbank EM Debt in October 2007 and since 2011 a partner with the Team as Adviser on exclusive basis. Phillip was born in Belfast, Northern Ireland, and lives in London UK since 2011 after spending 11 years in Denmark. In line with Sydbank’s core values of retaining valuable skills and nurse long term partnerships, Phillip has continued his relationship with the team through EM Quest Ltd; an FCA licensed investment advisory firm solely owned by Phillip with Sydbank as the only and exclusive client. 

He began his asset management career in 2001 with the Danish asset manager Jyske Invest as Senior Portfolio Manager joining from a position as Rates & FX Swap trader in JP Morgan’s London and Hong Kong offices. He successfully managed hard currency and local currency strategies until he joined Sydbank in October 2007 together with Thomas Brund.

Phillip’s role as advisor is fully integrated into the Team’s Research Agenda where his primary focus is on global EM debt and cross-asset research, both at the country as well as the relative value level depending on the investment case. The partnership is structured to keep the complementary skillset of the entire Team intact through time, which has proven successful over time.

Phillip holds a BSc in Economics from Cardiff University, is a CFA charter holder and a member of the International Securities Market Association.

Hans Christian Bachmann
Senior Economist - joined Sydbank EM Debt in 2007 from a position as Macro Analyst in Sydbank Markets where he started in 2004. Hans Christian has spent his entire career with Sydbank in research with a key focus on EM as well as the major Developed World macro economies and has contributed to the Team’s investment process through his development of the fundamental market research and global politics.

In 2013, he developed Sydbank’s COSMO ESG screening process together with Head of EM Debt Thomas Brund, a service used by the Team and sold as an independent reporting service to institutional clients. Hans Christian holds in addition to his economist role an independent role in Sydbank Asset Management as sovereign ESG analyst where he reports directly to the Responsible Investment Committee in Sydinvest Funds as well as to subscribing institutional clients outside Sydbank.  

Hans Christian’s primary responsibility is to anchor the Team’s global macro research as well as providing analytical inputs from the ESG country research in close cooperation with the portfolio managers. To ensure independence of especially ESG views he does not participate in deciding the final allocation.

Hans Christian holds an MSc in Economics from Aarhus University.

Anette Melchiorsen
Senior Trader - joined Sydbank EM Debt in 2007 from a position as trader in Sydbank Markets where she had been trading EM securities since her career in Sydbank began in 2001. Before assuming her position with Sydbank she held a position as Financial Controller with A.P. Moeller-Maersk from 1998.

Anette has worked in EM trading for more than a decade covering all aspects of instruments and markets, including complex derivatives and Frontier markets trading.  During her time with Sydbank, she has established a significant market knowledge and a broad network of relevant industry contacts thereby adding significant value to the Team’s successful execution of strategies through time.

Anette’s primary responsibility is to execute the trades on new and existing strategies as well as managing the daily rebalancing of the Team’s Model Portfolios. She contributes with ongoing market feedback on especially the liquidity situation which is an important part of the final sizing decision taken by the portfolio managers. In addition, Anette is primary responsible for the Team’s compliance on best execution, pre-trade compliance controls as well as other system-driven front-office operations.

Anette holds an MSc in Economics from Aarhus University.

Claus Juhl
 Head of Fixed Income Research in Sydbank Asset Management and key responsible for the fundamental quantitative research and data management on all Fixed Income strategies. Claus assumed the role as Head in 2013 coming from a position as quantitative analyst in the same group since 2003 where he worked full time as part of the EM Debt Team from 2007 to 2011.

Claus’ primary focus in relation to EM debt is to ensure a systematic, automated and secure quantitative research and calculations on all holdings and key risk numbers on portfolios through the Team’s proprietary systems. Claus originally developed the Team’s “Sydbank EM Portfolio System”, an extensive data base system with a flexible user interface used across all functions of the EM Debt Team to manage and control all strategies. In his current role as Head of Fixed Income Research his team of analysts is supporting this critical system and all additional operational duties.

Claus holds an MSc in Finance from Aarhus University.

Thomas Rytter
 Quantitative Analyst with Sydbank’s Fixed Income Research, joined Sydbank EM Debt full time in 2011 from a similar position in the same group. He replaced Claus Juhl as the daily 1st contact and works closely with Claus Juhl and the rest of the group’s analysts on the Sydbank EM Portfolio System.

Thomas is key responsible for all daily quantitative research and data management as well as ongoing development of all front office user applications to the Sydbank Portfolio System. Thomas’ primary contributions to the EM Debt Team is his efforts to implement extensive automatic and semi-automatic routines on the daily portfolio management routines and associated risk calculations. In addition, he is the Team’s primary expert in tailoring complex client reporting and performance attribution.

Thomas holds an MSc in Mathematics-Economics from the University of Southern Denmark.


Sydinvests day-to-day management
Sydinvest is owned exclusively by unit-holders, who elect board members at the AGM. Steffen Ussing has been appointed by the board to handle the day-to-day management of Sydinvest.

Sydinvests primary objective is to make it easy and safe for Sydinvests unit-holders to obtain good returns on their savings, thereby creating the basis for a more rewarding life. In order to achieve our goal Mr. Ussing works in close cooperation with the board, which approves the overall investment strategy, Sydinvests competent staff, and the financial institutions which provide advisory services to our unit-holders. On a daily level Mr. Ussing's job at Sydinvest involves the establishment of new funds, overall investment strategy planning and external activities such as making speeches.

Steffen Ussing

Phone: +45 7437 3301


Investor Relations

Investor Relations is responsible for all external communication with more than 77.000  Sydinvest and Sydinvest unit-holders. The department is responsible for general marketing activities, the member magazine "Horisont" (only in Danish), and other external publications, websites, press contact and also organizes special events for unit-holders.

Moreover Investor Relations acts as a service and information provider to account managers of other Danish banks who advise unit-holders and customers on Sydinvest funds.

The department is also involved in product development as well as the monitoring of markets and competitors.

Tine Lawaetz Lund
Senior Vice President
Education: MSc
Phone: +45 7437 3317
Helle Philippsen
Education: Administration
Phone: +45 7437 3316
Mick Olsen
Institutional Sales Manager
Education: HD (Fin.)
Phone: +45 7437 3325
Anders Thrane
Communications consultant
Education: Master of Arts
Phone: +45 7437 3368
Lars Gullits
Digital Marketing consultant
Education: Graphic design
Phone: +45 7437 3326
Jesper Riisberg
Institutional Sales Manager

Uddannelse: HD (Fin.)

Tlf: +45 7437 3328


Our investment activities constitute the core of Sydinvest
Our portfolio managers administer the many different funds within Danish and foreign bonds and equities offered by Sydinvest to its unit-holders. Activities range from formulation of overall strategy to daily portfolio reconciliation.

Portfolio management is subject to certain ground rules. Investments must be within specific risk limits defined by Sydinvest and comply with current legislation. Consequently each individual portfolio manager is also responsible for ensuring that these ground rules are observed.

Niels Skovvart
Senior Vice President
Education: MSc
Phone: +45 7437 3323
Lars Bo Jensen
Senior Portfolio Manager
Education: Banking, HD Graduate
Nicolas Rasmussen
Senior Portfolio Manager
Education: MSc
Phone: +45 7437 3366
Thomas Andsbjerg Amelung
Portfolio Manager
Education: MSc
Phone: +45 7437 3313


Accounting and auditing are among the main activities of this department. Sydinvest unit prices are fixed daily on the basis of individual fund NAVs. In order to calculate NAV each Sydinvest fund must prepare financial statements. Security is a key word with Sydinvest. Therefore we monitor that the legal requirements in relation to investments are complied with. We perform all activities in relation to the registration of the investment fund’s activities, including relations to Danish and foreign authorities.

Henrik Stockfleth, Senior Vice President
Education: MSc
Tlf: +45 7437 3308
Kurt Kjeldsen
Head of Middle Office
Education: MSc
Phone: +45 7437 3318
Frank Hamann Sørensen
Chief Accountant
Education: MSc
Phone: +45 7437 3307
Christian Kirk-Thomsen
Middle Office
Education: MSc
Tina Nielsen
Education: Administrative Assistant
Phone: +45 7437 3324
Gitte Vind
Education: Administrative Assistant
Phone: +45 7437 3321
Søren Thøstesen Jensen
BI Specialst
Phone: +45 7437 3304
Morten Nørskov-Jensen
Phone: +45 7437 3305

Legal Department & Compliance

Legal Department handles all aspects concerning registration of the Investment Fund’s activities, including contact with Danish and foreign authorities. The department is responsible for general legal and legislative matters within investment law. Compliance Quality and assurance are keywords at Sydinvest and consequently we continuously monitor that all the Investment Fund’s investments comply with legislative requirements.

Thomas Carsten Clausen
Senior Vice President 
Educaton: MSc
Phone: +45 7437 3370
Steffen Hach
Educaton: Banking
Phone: +45 7437 3309


Board members


Hans Lindum Møller
Mindevej 14
DK-6320 Egernsund

Direktor Niels Therkelsen
Skovvej 20
DK-6340 Kruså

Lektorin Linda Sandris Larsen
Over-Holluf-vej 55,
5220 Odense SØ

The Sydinvest group

The Sydinvest group comprises several investment funds, read more about the investment funds below

Investeringsforeningen Sydinvest
Sydinvest was established in 1987. In line with developments in securities markets, Sydinvest has broadened its range of funds and currently has  41  different funds that cover the needs and requirements of most clients. Sydinvest has around  77.000  investors who have invested a total of DKK 70  bn. 

About Sydinvest Emerging Markets

Sydinvest Emerging Markets is a UCITS fund product dedicated to institutional investors seeking direct and efficient exposure to sovereign debt and FX from emerging market countries. The Funds are structured as institutional share classes of the Danish investment fund Sydinvest. Share classes are offered in EUR or alternative currencies depending upon investor demand.

Read more about the Team