Legal & General Investment Management's head of global high yield David North has gone on extended sick leave and will be replaced by managers Ben Gill and Claire McGuckin in the interim.
He joined LGIM in 2000 after eight years at Scudder Investments, where he was head of the London insurance asset management division.
Gill is deputy manager on the Diversified Absolute Return trust and will takeover management of the fund, while McGuckin will run the High Income fund.
He joined LGIM in 2008 after 11 years at GLG where he managed a macro fund. Before this, he was a government bond trader with Yasuda Trust Europe.
The firm said McGuckin does not run any other fund. It added: 'Claire McGuckin is taking lead responsibility on HIT in David’s absence. HIT is a synthesis of inputs from specialist colleagues in emerging market and high yield debt and the same team continues to drive performance and decision making in David’s absence.'
The High Yield fund has returned 24.5% over three years to the end of May, underperforming the average manager in the high yield sector, who returned 31.2% according to Lipper.