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.