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Ex-AllianceBernstein chief takes over L&G high-income fund

Legal & General Investment Management has recruited ex-AllianceBernstein director of global fixed-income credit research Martin Reeves as manager of its £1.9bn high-income fund.

Reeves will join the firm this month as head of high yield. He replaces David North, who has been on sick leave since June. North managed the high-income and £503m diversified absolute return funds and was also head of asset allocation.

Co-manager Ben Gill continues to handle North’s role on the diversified absolute return fund while Claire McGuckin has been runninf the high-income fund.

A spokesman says: “David will continue in his role as head of asset allocation when he returns from sick leave.”

The high-income fund has returned 20.2 per cent over three years compared with an IMA sector average of 29.1 per cent.


Towry increases AUM 29% to £4.5bn

Towry has increased its assets under management to £4.5bn in the first half of 2011, an increase of 29 per cent from £3.5bn in the first half of 2010. The firm also saw a 47 per cent increase in earnings before interest, taxes, depreciation and amortisation which rose to £9.4m from £6.4m in the same […]


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