Liontrust has hired Thames River founding partner Michael Mabbutt to head up a new global credit division at the asset manager.
Mabbutt will join the firm in January 2013 with Liontrust planning to launch a Dublin-based Global Strategic Bond fund, subject to regulatory approval.
Mabbutt, who was a founding partner at Thames River 1998, is currently a consulting partner at Thames River Capital and was previously head of the global credit division at Thames River and the lead fund manager of the Thames River Hillside Apex fund and the Thames River High Income fund.
From 1992 to 1998, Michael was a global fixed income and emerging market debt fund manager at Baring Asset Management and LGT Asset Management, which is now Invesco Perpetual. From 1986 to 1992, he worked at Norwich Union in Cape Town where he managed fixed income portfolios.
Liontrust sold off its initial credit business, which was headed up by Simon Thorp, in April 2011 to Avoca. The Liontrust Credit Absolute Return and Credit funds were sold off as part of the deal. Liontrust initially hired the team, then known as Ilex Asset Management, in 2009.
Liontrust chief executive John Ions says: “”Michael is an excellent addition to our already strong fund management capability. He has a long, proven track record of delivering strong performance for the investors in the funds that he has managed and sees the opportunity in the current economic and market environment to continue that at Liontrust.
“Michael’s appointment diversifies our offering away from our focus on equities into global credit, enabling us to further deepen and expand our distribution capability in the UK and internationally.”
Bestinvest managing director business development and communications Jason Hollands says: “It’s not too big a surprise as Liontrust is in a re-building mode in terms of adding new offerings and Mike Mabbutt is making a return to direct fund management. Fixed income has been where all the flows have gone recently.”