Ian Bates has quit AXA Investment Managers to join Neuberger Berman, which is to launch a European high-yield bond fund, Wealth Manager can reveal.
At AXA, Bates managed the £10.3 million AXA Sterling Long Bond and £26.4 million AXA Sterling Long Corporate Bond funds. AXA confirmed that his responsibilities on both funds would be assumed within the group’s wider Sterling Credit team.
Over the past three years the Long Bond fund has returned 23.3%, a top-quartile performance within its Sterling Strategic Bond sector where the average fund has generated 19.5% through that period.
The Long Corporate Bond fund has produced 23.8% on a three-year view, also top quartile in its Sterling Corporate Bond sector where the average return has been 20.6%.
At Neuberger Berman, where he has been appointed as a senior vice president in the non-investment grade fixed income team, Bates will be involved in the development of the firm’s European high-yield strategies.
Neuberger Berman already has a high-yield fund focused on US bonds, managed by Ann Benjamin. The £7.8 billion fund has returned 25.1% over the past three years, compared with a sector average of 24.1%.
Bates joined AXA in December 2007, having previously worked as a buy-side credit research analyst at BlackRock covering utilities and energy.