Legal & General Investment Management director and head of global high yield David North has gone on extended sick leave.
North manages the £2bn high income fund as well as the £528m diversified absolute return fund. He is also head of asset allocation at the firm.
North joined LGIM in 2000, after eight years at Scudder Investments where he headed the London Insurance Asset Management division. North has over 24 years of fixed income investment management experience.
An L&G spokeswoman says the diversified absolute return fund will be managed by Ben Gill in the interim. Management of the high income fund will pass to Claire McGuckin in the interim.
The L&G high income fund is currently fourth quartile in the IMA high yield sector over three years, having returned 16.2 per cent compared to a sector average of 24.8 per cent.