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Healey out as Merrill Lynch joins up teams

Bill Healey, Merrill Lynch&#39s head of European high-yield bonds, has been

made redundant following the merger of the fund manager&#39s fixed-income

desks.

In a move which has prompted a number of IFAs to put the £150m

high-income bond fund Healey co-managed on hold, Merrill has consolidated

its European high-yield team into its investment-grade division in a bid to

cut costs.

The company is retaining the services of its six other high-yield managers.

Andrew Lake, with whom Healey managed the highyield element of the bond

fund, takes over as sole manager.

Despite the upheaval on the high-yield element of the fund, which has

fallen by 2.6 per cent since May 1999, there will be no change on the

investment grade segment, which will continue to be managed by Mette

Charles and Jo Howley.

Head of media relations Nigel Webb says: “The Euro-pean market has

undergone significant change, with less distinction between high-yield and

investment-grade bonds. We continue to manage our resources in line with

this environment.”

Chartwell director Patrick Connolly says: “We have recommended the fund but

the performance has not stacked up recently. Merrill is trying to get back

to being the bond fund manager it should be.”

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