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Grainger quitting Gartmore for F&C bond post

Gartmore senior fixed-income fund manager Paul Grainger, who runs £2bn for the com-pany, is leaving in August to join F&C Management as head of UK sovereign bonds.

Grainger has been with Gartmore since 1999, taking control of its monthly income, high-yield corporate bond and corporate bond funds last August after the departure of previous manager Eran Peleg. Grainger was already running the UK fixed-interest fund and institutional mandates.

He will continue running the funds until he takes up his institutional position with F&C.

IFAs believe that the departure of Grainger is a blow to Gartmore but say that his performance figures are not among the best – over one year the corporate bond fund is fourth-quartile while the high-yield corporate bond is in the third quartile.

Hargreaves Lansdown senior analyst Meera Patel says: “It is not disastrous but it seems that, with Grainger&#39s loss and the earlier departure of other managers, Gartmore is not a happy ship.”

Gartmore spokeswoman Kimberley Robinson says: “It is a big promotion for Paul and we wish him well. We have a great team in place already and a suitable successor should not be too far away.”

F&C director and head of sovereign bonds Helen Roberts says: “Paul was instrumental in his previous role in winning new business as well as developing new frameworks and he will be a great asset to the team.”

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