Star bond manager Balls replaced on €650m fund
Allianz reveals new lead manager on European fixed income fund as it seeks to reflect German investor base.
by Chris Sloley on Feb 12, 2013 at 08:31
The London-based bond manager Balls, who was handed the fund in January 2010, has been replaced on the portfolio by Lorenzo Pagani. Both Pagani and Balls are fund managers at Allianz subsidiary PIMCO.
A spokesperson for Allianz GI told Citywire Global the change would not impact the approach or investment policies of the fund but was done to reflect the client base.
‘Since the investor base of Adirenta is mainly in Germany, it made sense to ask Munich-based Lorenzo Pagani to take over the funds’ portfolio management,’ the spokesperson said.
Pagani will combine management of the fund with three existing bond funds under his control, while Balls retains the running of seven separate fixed income portfolios.
During Balls' three-year tenure the Adirenta fund has returned 21.33% to the end of January 2013. This compares to its Citywire benchmark, the REXP TR, which rose 15.77% over the same period.
This move sees existing Stahlhacke take control of the funds from current lead manager Giorgio Carlino who has taken on a new assignment for Allianz GI in the United States.
Today's top headlines
More about this:
Look up the funds
Look up the fund managers
More from us
- PIMCO’s Balls: ECB risks building bridge loans to nowhere
- Why 'upwards contamination' will ensure France is eurozone's next victim
- The world is running out of balance sheet warns Pimco manager
- Top PIMCO bond manager says US Treasuries still the safest haven
by Himanshu Singh on May 24, 2013 at 02:40