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LGIM’s Canoy to exit as Richard Hodges takes on mandates

Legal & General Investment Management fund manager Michel Canoy is to leave the firm at the end of January 2014, with £1.8bn L&G Dynamic Bond fund manager Richard Hodges to take over his mandates.

Hodges will become lead manager of the £1.4bn L&G Fixed Interest trust, the £390m L&G Managed Monthly Income trust and the £660m L&G Sterling Income fund.

LGIM says the team-based investment processes of these funds will remain unchanged.

LGIM head of fixed income Roger Bartley says: “The funds have delivered strong performance under Michel’s management and I am confident Richard and the team can build on this success in the future. We wish Michel all the best in his future career.”

Hodges says: “I know these funds well and I look forward to managing them. Next year should be an interesting time for investment grade corporate bonds.”

The JHC Partnership director Keith Iles says: “This is certainly a bigger mandate for Hodges, even running three funds was a big mandate for Canoy. It seems like too big a remit for one man.”

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