Meet Jakub

Jakub Lichwa

Portfolio Management

15 years investment experience

London

TwentyFour Asset Management LLP

8th Floor, The Monument Building, 11 Monument Street

EC3R 8AF London

United Kingdom

Jakub joined TwentyFour in October 2023. Based in the London office, he is a member of the Multi-Sector Bond (MSB) portfolio management team with a focus on Financials.

Prior to joining TwentyFour, Jakub had accrued a total of 14 years of experience in fixed income markets, specialising in banks and insurance sectors. His latest role was as an Executive Director in Goldman Sachs within the credit trading division. Before this, he acquired additional experience at RBC Capital Markets, Daiwa Capital Markets and Moody’s.

Jakub holds degrees in business from the University of Bath and University of Kansas.

Insights

Motor finance won’t put brakes on UK banking sector

6 Dec 2024 TwentyFour Blog

Motor finance won’t put brakes on UK banking sector

An otherwise fairly uneventful year for the UK banking sector has occasionally been dented by headlines concerning the Financial Conduct Authority’s (FCA) investigation into motor finance commission arrangements.

In bank capital, it’s quality over quantity

4 Dec 2024 Market Update

In bank capital, it’s quality over quantity

It is important to understand the historical context behind “global” capital rules, and why they differ for EU and US banks.

European banks on front foot heading into 2025

19 Nov 2024 TwentyFour Blog

European banks on front foot heading into 2025

With most European banks having now delivered their Q3 2024 results, we believe the sector is firmly on the front foot moving into 2025.

Should investors care about negative swap spreads?

13 Nov 2024 TwentyFour Blog

Should investors care about negative swap spreads?

The relationship between government bond yields and swap rates – otherwise known as the swap spread – has been increasingly in focus, with the market’s attention turning to Europe last week as the 10-year German Bund yield traded higher than the 10-year euro swap rate for the first time ever.

Banks’ early pre-funding reduces AT1 extension risk

15 Oct 2024 TwentyFour Blog

Banks’ early pre-funding reduces AT1 extension risk

Over the last few months in the Additional Tier 1 (AT1) market we have seen a growing trend of issuers “pre-funding” their transactions even earlier. In some cases, such as Belgium’s KBC and Austria’s Erste Bank, bonds with expected call dates in 2025 have been tendered and replaced with new issues over a year early.

European banking M&A benefits bondholders

27 Sep 2024 TwentyFour Blog

European banking M&A benefits bondholders

The building trend of consolidation in the European banking sector is important for several reasons, and could create further opportunities for bondholders.