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Paul McNamara

Paul McNamara - Investment Director


Paul McNamara, Investment Director, is the lead manager on emerging market bond and currencies, both long only and unconstrained strategies.

Paul McNamara, Investment Director, is the lead manager on emerging market bond and currencies, both long only and unconstrained strategies. He joined GAM Investments following its acquisition of the fixed income and foreign exchange specialist, Augustus, in May 2009. Paul McNamara joined Augustus (then Julius Baer Investments Limited) in 1997 from the Export Credits Guarantee department of the UK Government Economic Service, where he was an economist. He began his career as a lecturer. Paul McNamara holds an MSc in Economics from the London School of Economics and he is a CFA charterholder. He is based in London.

Paul McNamara

My Insights

Active Thinking

9 min read

Active Thinking
16 December 2022

At GAM Investments’ latest Active Thinking forum, David Dowsett argues that after a busy week for central banks, we could now be moving into a different era, while Paul McNamara discusses how the situation in the US, Europe and China will shape emerging markets and the longer-term effects of reshoring.

Outlook 2023

6 min read

Outlook 2023: Paul McNamara (Emerging Market Debt)
December 2022

The key issue for the asset class has been the combination of higher US rates (especially via the stronger US dollar) and higher inflation. The best scenario for EM debt is trend or better growth across the world.

Investment Opinions

6 min read

Elevated inflation and rising interest rates: what’s the solution?
26 April 2022

Faced with a challenging investment environment, we asked five of GAM Investments’ and our partner firms’ brightest investment minds to share their views on how to protect returns and diversify portfolio risks in a world of surging inflation and rising interest rates.

Investment Opinions

5 min read

What does the Russia-Ukraine conflict mean for emerging markets?
23 February 2022

As the Russia-Ukraine conflict continues to intensify, GAM Investments’ Paul McNamara and Tim Love share their views on the potential implications for Russia and the emerging markets.

My Videos

Active Thinking

4:54 min watch

Emerging Market Debt – Paul McNamara
14 February 2023

Paul McNamara notes that 2022 was a tough year across all asset classes, but believes markets are looking in much better shape this year given the benign inflation outlook. Overall he sees plenty of opportunities in emerging market debt.

Active Thinking

03:51 min watch

Emerging Market Debt – Paul McNamara
03 November 2022

Paul McNamara discusses the risks of a bad winter in Europe and how this might impact his asset class, as well as potential entry points for investing in local emerging market debt.

Active Thinking

3:26 min watch

Emerging Market Debt – Paul McNamara
09 May 2022

Paul McNamara discusses the impact of the Ukraine-Russia conflict, the outlook for Q2 2022 and how the squeeze on the price of metals has benefited South America.

Active Thinking

4:17 min watch

Emerging Market Debt – Paul McNamara
21 January 2022

Paul McNamara talks about the impact of global events on emerging market debt last year, his hope for a normalised world this year post Covid-19 and the specific issues around Russia and its geopolitical risks.