Scottish Widows Investment Partnership has appointed Andrew Tunks as interim director of fixed income.
He was previously head of fixed interest and macro at Old Mutual Asset Management, where he also managed the Old Mutual dynamic and global strategic bonds and select managed funds.
He left Old Mutual in June this year after the appointment of Stewart Cowley as head of fixed interest and macro.
At Swip, Tunks will have responsibility for all of the group’s fixed income investment management, in addition to developing research and portfolio management.
Swip managing director Dean Buckley says: “Over the coming weeks, more than £20bn of fixed-income assets will transfer from Insight to Swip, bringing our fixed income assets under management to more than £65bn.”
Tunks will oversee the transfer of funds and will also help shape the strategic direction and development of Swip’s fixed-income capability.
The appointment is Swip’s second addition to its fixed-income team in recent weeks after the firm recently announced that Roger Webb, previously head of credit portfolio management at Aviva Investors, had joined as investment director for corporate bonds.
The company’s fixed-income team took a big hit in August when Alliance Trust recruited four senior members of the Swip fixed-income team, including the global head of fixed income Rod Davidson.