Aegon Asset Management has poached Britannic Asset Management star manager David Roberts to replace Old Mutual-bound Stephen Snowden as head of retail fixed income and manager of its extra-income fund.
Roberts, who is believed to have been a target for Old Mutual after Richard Woolnough's departure to M&G, manages BAM's flagship corporate bond and high-income bond funds. Over the 12 months to December 12, the corporate bond fund is 15th out of 90 funds in its sector while the income fund is 10th out of 51.
Roberts is also understood to be taking the helm of Aegon's global income fund which launches this week. The fund is believed to be the UK's first absolute return bond fund and will have an aggressive mandate, investing without sector or stock limits in 40-60 holdings.
Overseas investments will be hedged to mitigate currency risks and Aegon's Iowa-based US team will support Roberts, who will work closely with head of credit Daniel McKernan in the UK. Roberts will over-see and support the management of Aegon's opti-mum income and ethical income funds, which are both run by Philip Milburn.
Director, retail business, Jon Bennett says: “To secure a manager of David's calibre is a great boost for us. He is a superb manager with a proven track record. This is a top-class manager joining a
Hargreaves Lansdown investment manager Ben Yearsley says: “Roberts replaces Snowden very nicely. Aegon has done a good job in a short space of time.”