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General Investing >> Money Manager Interviews >> October 24, 2025

Fixed-Income Strategist Sees Opportunity in a Soft Stagflation Economy

Rosborough, Mike
Mike Rosborough is a Managing Director and Head of Macro for the Broad Markets Fixed Income team at Morgan Stanley Investment Management. Prior to joining MSIM in 2025, Mr. Rosborough was Senior Vice President and Managing Director at AllianceBernstein where he focused on Global Multi Sector fixed income portfolios, inflation linked portfolios and the firm’s Canadian fixed income business. Prior to joining AllianceBernstein in 2020, Mr. Rosborough spent a decade at CalPERS, the California Public Employees Retirement System, where he was a Senior Portfolio Manager in the Global Fixed Income unit. In that role he was in charge of the fund’s international, emerging markets and inflation linked fixed income investments and the commodities program collectively comprising over $37 billion in assets. Mr. Rosborough also served on CalPERS’s Portfolio Allocation Committee advising the CIO on tactical asset allocation. In addition he oversaw the fund’s foreign exchange management. From 2004 to 2010 Mr. Rosborough worked in London as an investment strategist and proprietary trader for Citigroup and CIBC after working at Moore Capital, a hedge fund, in New York. Mr. Rosborough began his investment management career in 1994 when he joined PIMCO in Newport Beach, California, founding the firm’s emerging markets fixed income practice after co-heading its international department. Mr. Rosborough started in the fixed income business on the sell side with RBC Capital Markets in Toronto, first as a provincial bond trader and later heading its Asian fixed income sales and trading group in Tokyo. Mr. Rosborough holds a B.A. with Honours in economics from the University of British Columbia, an MSc in economics from the London School of Economics which he attended on a Mackenzie King Scholarship, and an MBA from Harvard Business School where he graduated with distinction. Profile
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TWST: Thanks for joining us. I understand that you have almost four decades of experience in the industry, but could you explain your current role at Morgan Stanley and

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