Former senior M&G fund manager Anna Lees-Jones is to head Investec Asset Management's flagship sterling bond fund and its offshore equivalent from this week.
Lees-Jones, who ran M&G's £1.3bn corporate bond fund until earlier this year, takes over from Mich-ael Markham, who becomes the alternative manager on both the £140m sterling bond fund and the £100m offshore GSF fund. He will concentrate on running the group's monthly high-inc-ome fund and institutional mandates.
Investec, which has rec-ruited three new members to its bond team in the past six months, says the move will not lead to any process changes to the funds, the onshore version of which is ranked 22nd out of 80 in its sector over one year.
Lees-Jones, who joined Investec last month, says the portfolios offer her a chance to run funds which are nimble enough to manoeuvre, which was believed to be a problem with her fund at M&G. That portfolio is now managed by former Old Mutual star Richard Woolnough, who effectively replaced Lees-Jones when he joined M&G earlier this year.
Lees-Jones says: “I bel-ieve that, led by John Stopford, the fixed-income team is about to enjoy a very exciting growth phase.”