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Hodges to run £1.3bn L&G Fixed Interest fund as Canoy exits

by Robert St George on Dec 06, 2013 at 10:47

Hodges to run £1.3bn L&G Fixed Interest fund as Canoy exits

Michel Canoy is to leave LGIM, a move that will see L&G Dynamic Bond manager Richard Hodges take over three of his funds.

Canoy, manager of the £1.3 billion Legal & General Fixed Interest Trust , is set to depart next month to pursue other opportunities on the sale side. Hodges will take over the Legal & General Fixed Interest Trust , the £390 million Legal & General Managed Monthly Income Trust , and the £660 million Legal & General Sterling Income fund . Hodges will also continue to run the Citywire Selection Legal & General Dynamic Bond Trust , which is £1.9 billion.

‘I know these funds well and I look forward to managing them,’ said Hodges (pictured). ‘Next year should be an interesting time for investment grade corporate bonds. Economic growth looks positive, so I expect the future path of US and UK interest rates to be a key driver of returns in 2014 and beyond. At the moment I have a strong conviction for assets with less interest rate sensitivity and am actively managing interest rate risk – a theme that is reflected across all our retail funds.’

Hodges has been a top-quartile performer with his Dynamic Bond Trust over the past five years, returning 96% compared with a peer group average of 68%.

Canoy also sits in the top quartile of his Fixed Interest Trust’s sector since 2008, producing 73% compared with the Sterling Corporate Bond average of 62%.

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