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Richard Hodges quits L&G

Legal & General Investment Management head of high alpha fixed income Richard Hodges has quit the firm.

Hodges manages the £2bn L&G Dynamic Bond trust and will be replaced by senior fixed income fund manager Martin Reeves who manages the £1.5bn L&G High Income fund.

After working out his notice Hodges will leave to pursue other opportunities. He had been with L&G since 2007 having made the move across from Gartmore.

Management of the L&G Fixed Interest, the Managed Monthly Income and the Sterling income funds will be handed to the L&G UK institutional credit team headed up by Robert Barnard-Smith.

Hodges took over management of these funds in January after Michel Canoy left the firm.

An L&G spokeswoman says: “L&G confirms Richard Hodges has resigned. He is currently still employed by the company and is working closely with those taking over the funds he manages.”

Charles Stanley head of investment research Ben Yearsley says: “It is obviously a blow for L&G to lose a dynamic manager such as Hodges. He has fashioned an excellent reputation over the last seven years at L&G. Depending on where he ends up, you could see a large proportion of the money following him as many would own the fund because of Hodges.”

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