Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

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

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%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Insight's Waddington reveals infrastructure plays post-Carillion

Insight's Waddington reveals infrastructure plays post-Carillion

Post-Carillion Steve Waddington is still finding attractive plays in infrastructure.

1 Comment Play Mark Stevenson: oil is the dumbest place to put your money

Mark Stevenson: oil is the dumbest place to put your money

Futurist Mark Stevenson says that investing in oil is not just a risk to the environment but also your investment.

Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter