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Cabral quits NU days after taking on corporate bond fund

Norwich Union fund manager Donna Cabral has resigned from the firm less than a month after taking over as lead manager of the £921m corporate bond fund.

New Norwich monthly income plus manager Roger Webb and his portfolio management team will take on the fund in the interim, while the firm looks to find a long term replacement.

Cabral took over as manager of the fund back on July 2 after former manager Paul Mingay’s move to the newly created solution and structures team at Morley. She had previously worked alongside Mingay as co-manager on the fund for the past 18 months.

Norwich Union and its investment arm Morley both have endured huge staff retention issues in the past year. Morley lost senior property trio Gerardine Davies, Philip Clark and David Wise to Aegon Asset Management earlier this month, while the fixed income side suffered its own problems when Mark Gull left to set up new firm Pension Insurance Corporate, having managed three vehicles within Norwich Union.

It is believed that Cabral is going to run institutional money at another house.

Hargreaves Lansdown head of research Mark Dampier says: “It is a case of the usual trouble for a big group and its environment. But this is not a good advert for them at all.”


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