Legal & General Investment Management has hired a lead manager on its L&G Dynamic Bond Trust to replace Richard ‘Dickie’ Hodges.
The asset manager has chosen Omar Saeed to run the trust, which has been run by senior fixed income fund manager Martin Reeves since Hodges left last year. The fund had £1.6bn of assets at the end of April.
It is the first lead fund manager role for Saeed at LGIM, who joined L&G in February from Swisscanto Asset Management, where he ran $1.5bn in high yield funds and was involved in running a $2.5bn absolute return portfolio.
The fund has unperformed the benchmark over three months, one year and five years, but has outperformed at three years, returning 22.21 per cent compared to 21.18 per cent.
LGIM co-head of global fixed income Anton Eser says: “[The fund’s] strategy is ideally suited to the uncertain market environment that lies ahead, where there is a high probability of rising bond yields and volatile credit markets.
“We continue to see a great interest and appetite in the strategy from retail and, increasingly, institutional investors.”
Hodges quit LGIM last April after seven years with the firm, and joined Nomura Asset Management later in 2014.