RWC hires Threadneedle absolute return bond duo

RWC Partners has hired Threadneedle fund managers Peter Allwright and Stuart Frost with Quentin Fitzsimmons assuming control of the duo's Threadneedle Absolute Return Bond fund.  

The news comes hot on the heels to the boutique's hire of Schroders' top performing UK equity team of former AAA-rated Nick Purves and Ian Lance.

Allwright and Frost will manage absolute return and currency funds at RWC as well as assuming control of the RWC Strategic Reserve fund. The group will launch funds with a more flexible approach to risk for the pair later this year.

Allwright, who also manages the Threadneedle European and Global Bond funds, joined Threadneedle in 2005, while Frost joined the firm's fixed income team in 2007. 

Under their stewardship, total assets in the Absolute Return Bond fund, which launched in 2005, grew to more than $3 billion (£2 billion).   

According to Lipper, in the three years to the end of May the fund has returned 25.4% versus a 11.53% rise in Libor GBP 3 Months. The maximum drawdown over the period was -3.66%.

Fitzsimmons, who has been head of government bonds at Threadneedle since 2003, will be supported by David Chappell and Martin Harvey on the fund. 

Threadneedle has also hired Richard Stevens from Old Mutual Asset Managers and Vladimir Gersamia from Fortis.

Stevens, who joins the firm's government bonds team, has 25 years' experience and has run a range of fixed income. He also has experience in absolute return funds. Gersamia joins as a portfolio manager in Richard House's emerging market debt team.    

Commenting on the hires, RWC chief executive Peter Harrison (pictured) said: 'Peter and Stuart have had extraordinary careers in the fixed income markets. Over the last five years they have been responsible for managing one of the most highly regarded absolute return franchises around.'  

The latest hire marks a busy few weeks for RWC, which has seen Schroders take a 49% stake in the firm.