David North, head of asset allocation and former bond fund manager at Legal and General Investment Management, is leaving the firm after 12 years.
North, who was also head of global high yield bonds and a board director, founded the High Yield and Asset Allocation funds.
He was manager of Legal and General’s flagship range of Distribution funds, the firm’s Diversified Absolute Return Trust (DART), as well as the £1.4 billion High Income Trust.
The manager went on extended sick leave in June 2011, which saw Ben Gill take on the management of DART. The fund was then moved out of the absolute return sector and renamed the Global Macro Themes fund, which now stands at £581 million.
Roger Bartley and Martin Reeves became managers of the Legal and General High Income Trust, while Kevin Chessum became manager of the Distribution funds.
LGIM confirmed North's departure but made no comment on his replacement.