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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 […]


MM Leader: FSA fails to offer guiding RDR transition light

The FSA last week published its answers to the top questions it says were asked at its recent retail distribution review roadshows. The answers appear in this week’s Money Marketing and further information can be found on the regulator’s website. They provide useful guidance on some RDR misconceptions but what is most noticeable about the […]

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