Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a634343
F&C fixed income overhaul sees Fatima Luis and three others exit
by Dylan Lobo on Nov 14, 2012 at 08:18
Wealth Manager can reveal F&C Asset Management has overhauled its fixed income arm resulting in the departure of Fatima Luis and three other bond team members.
The move is designed to integrate the F&C high yield and Thames River credit teams, which are run along very different philosophies.
In a note seen by Wealth Manager, F&C has told clients it intends to reposition the fixed income business across the following key areas: global government bonds, investment grade credit, global credit opportunities, emerging market debt and convertible bonds.
The integration will be overseen by head of global credit opportunities Keith Patton, who joined the F&C multi-strategy team in May 2012 from UBS Wealth Management, where he was managing director and global head of fixed income.
F&C said the review is designed to achieve a fully-integrated and substantial credit resource under a single structure, while retaining flexibility and specialisation. It also sees a number of synergy benefits arising from integrating the two teams.
In the note F&C said: ‘The reorganisation of our investment resource allows us to offer a range of fixed Income capabilities that are relevant to our clients now and will be positioned to adapt to the evolving needs of clients in the coming years. These capabilities are organised to meet our clients wide ranging needs across a varying range of risk appetites, return and income objective.
‘The changes to our structure have been designed taking full account of the evolving market environment, and input from our key stakeholders, namely our clients and our staff. This will ensure that we can deliver performance on existing mandates and continue to grow the business.’
As a consequence Luis (pictured), who manages the F&C Maximum Income Bond , Extra Income Bond and Strategic Bond funds, will leave the firm. Also departing are Han Altink, Mario Hooghiemstra and Leendert Schoenmaker.
Separately Thames River head of global credit, Steve Drew and fellow team member Brett Golledge has resigned from the firm, along with F&C head of credit research Peter Stage.
They trio handed in their notices before the repositioning of the business was announced to pursue other opportunities. Simon Holmes will assume control of Drew’s portfolios, which includes the Thames River Global High Yield fund.
News sponsored by:
Subscribe to Wealth Manager to get the inside track on your rivals' moves
Keep up to date with how your peers are allocating their clients' assets by subscribing to Wealth Manager magazine.
Today's top headlines
More about this:
Look up the funds
- F&C Maximum Income Bond 1 Inc
- F&C Extra Income Bond 1 Inc
- F&C Strategic Bond 1 Inc
- Thames River Global High Yield A GBP Acc
Look up the shares
Look up the fund managers
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.