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Lead manager replaced on AGI funds

Mike Amey has relinquished control of two funds at Allianz Global Investors (AGI) after the firm reshuffled the managers on the Pimco team.

Amey was replaced on the Allianz Pimco UK Corporate Bond and Sterling Total Return fund but remains a part of the fixed interest team in terms of support. He also continues to run the Gilt Yield fund.

Luke Spajic took over the lead management of the two funds on April 1. He is executive vice-president in the London office and head of pan-European credit after joining Pimco in 2007.

Nick Smith, AGI’s chief executive officer, says: “There have been some changes in responsibilities in the team, with Amey passing the management of the two funds to Spajic. Amey will still be providing support and running the Gilt Yield fund. Although the nominated manager has the ultimate decision, behind this is a real team approach.”
Smith says the way the funds are run will not change.

Ketish Pothalingam was introduced as supporting manager of the UK Corporate Bond fund and Sterling Total Return fund. He is a recent recruit from Threadneedle and is a portfolio manager focusing on British credit.

Pimco says in a letter to clients that investors will benefit from the reshuffle because it “re­flects the strengthening of Pimco’s credit capabilities in the UK and the continuity in the management of the portfolios.”

Amey has been with Pimco since 2003 and ran the funds from October 2007. Over the past year they have posted average returns, with Sterling Total Return ranked 35th out of 55 funds in its sector and the Corporate Bond fund 41st out of 81 funds, according to Morningstar.

Meera Patel, a senior analyst at Hargreaves Lansdown, sees the change as a positive for the group: “Fund manager changes are always unsettling but Pimco is one of the world’s largest fixed income managers and bringing fresh talent to the helm could be a good thing.

“After all, the performance of these two funds needs improving and perhaps Spajic may be able to bolster returns.”

Spajic has 13 years’ experience including stints at Goldman Sachs and Highbridge Capital.

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