Webb is to leave the firm for personal reasons before exploring new opportunities in the industry. He currently manages the £1bn corporate bond fund and the £390m higher income plus fund.
Webb’s co-managers will step in to take on the management of the funds with Chris Higham taking on the corporate bond fund while Dominic White takes on the higher income plus offering. Both will report to head of credit Mark Wauton, who joined the firm in April 2009.
Webb joined the fixed income team in January 1996 after spending four years in bond fund management with Norwich Union’s Spanish operation, Plus Ultra, where he was responsible for both credit and government bond funds.
Webb took on the management of the corporate bond fund in 2007, the fund is currently third quartile in the IMA corporate bond sector over three years having fallen 8 per cent. He took on the management of the higher income fund in 1999, the portfolio is down 14.9 per cent in the past three years compared to a 7.9 per cent fall for the average fund in the sector.