Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and 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 Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: from Batman Live to commodity beta

Profile: from Batman Live to commodity beta

Charteris may be a family affair, but the company is not at any risk of turning sentimental

Wealth Manager on Twitter