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Threadneedle bond specialist Bacon to retire early

Ted Bacon, head of Threadneedle&#39s investment-grade corporate bond team, is taking early retirement due to ill health.

Bacon, who managed the strategic and UK corporate bond funds in addition to heading the high-quality bond division, will retire at the end of June after more than 18 years with the group.

He will be replaced on the strategic bond fund – which launched only 18 months ago but is currently the seventh best-performing fund in its sector – by deputy manager Barrie Whitman.

Whitman will seek to capitalise on the 3 per cent growth achieved by the fund over the past year.

Dollar bond fund manager David Oliphant, who has worked with Bacon for the last 14 years, will take over the UK corporate bond fund. He will also manage the investment-grade element of the strategic bond fund, which accounts for 56 per cent of the portfolio.

Chelsea Financial Services managing director Darius McDermott says: “While Threadneedle encourages a strong team process, this must come as a blow for them. The strategic bond fund in particular is a strong product. My view, though, is that these funds are a hold.”

Threadneedle communications director Dick Eats says: “Our approach is based on teamwork, an integrated research process and risk control. This will not change. Our major holders have been informed of Ted&#39s retirement and have been very supportive.”

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