BlueBay Asset Management, a UK-based investment manager, has set up an office in Melbourne, Australia.

The new office will be led by Ciaran McAssey, who serves as the firm’s head of sales for Australia, New Zealand and Asia ex-Japan. McAssey will move to Melbourne from Hong Kong to take up the new responsibility.

McAssey, who has been serving the firm since more than five years, said that a local presence will allow the firm to work with investors to cater to their fixed income needs.

“Being in a similar time zone will enable me to communicate with investors in a timely manner during their normal business hours as well as gain insight into the challenges they face,” McAssey stated.

BlueBay, which is a unit of RBC Global Asset Management, has over $50bn in assets under management.