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Ignis Asset Management rates manager exits

by Chris Sloley on Feb 21, 2014 at 13:18

Ignis Asset Management rates manager exits

Jin Wong has left Ignis Asset Management after six years with the UK-based group.

Wong had worked as a manager within the group’s rates division, which oversees €33.5 billion (£27.58 million) in government bond and currencies.

The team is overseen by Citywire A-rated manager Russ Oxley, who is also one of four managers on the €1.82 billion Ignis Absolute Return Government Bond fund.

In the end-of-year round-up for the Alt Ucits Bond fund, Ignis revealed that Wong, who had been based in the UK, had stepped down from the firm in order to move to Australia.

It has not been revealed whether Wong will remain within the fund management industry.

Commenting on the departure, Ignis AM said: ‘We will not be replacing Jin immediately; this is partly due to increased automation helping to streamline the portfolio management process, but we have also hired two graduates who, by taking on some of the more basic tasks, are freeing up further fund manager time.’

The group said it would continue to drive for internal promotions, as it believes this has proven very successful in the past and pointed to the example of Citywire A-rated manager Paul Shanta.

‘We believe organic growth is the best way to build our team and both Jin and co-fund manager Paul Shanta have been previous graduate hires and are testament to the strength of this approach,’ it said.

The Ignis Absolute Return Government Bond EUR A Acc Hdgd fund returned 6.3% in the three years to the end of January 2014. This compares to a return of 0.62% by the average manager in the Citywire Alternative Ucits Bond Strategies sector over the same period.

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