Richard Hodges, lead fund manager of the Legal & General Dynamic Bond Trust, is to leave the company later this year, the company announced today.
Mr Hodges planned departure date from the company will be in October and he has been with the company since 2007. He is lead manager on the Legal & General Dynamic Bond Trust and interim lead manager on the Legal & General Fixed Interest Trust, Managed Monthly Income Trust and the Sterling Income Fund (UK corporate bond funds).
LGIM, an IFP corporate member, has announced that Martin Reeves, senior fixed income fund manager, will assume responsibility for the Dynamic Bond Trust. Mr Reeves will work closely with Hodges over the coming months to transition the fund. The pair already work closely both at a strategic level and on individual security selection, says the company.
Mr Hodges will also be transitioning the UK corporate bond funds to LGIM's established UK Institutional Credit team headed by Robert Barnard-Smith. Mr Barnard-Smith and the team manage about £12bn in UK corporate bonds on behalf of institutional clients.
LGIM's active fixed income strategies use the same macro-orientated and collegiate approach supported by more than 70 fixed income professionals.
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Roger Bartley, head of fixed income, LGIM, said: "Martin brings a huge wealth of experience to the lead management of the Dynamic Bond Trust, a fund that he knows exceptionally well.
We are of course saddened to see Richard leave after seven years at LGIM and he carries our very best wishes for success in the future.
"The Dynamic Bond Trust is a highly regarded fund backed up by a substantial and experienced team. We will to continue to follow our successful formula and look to deliver attractive total returns to investors through the economic cycle."
Martin Reeves said: "I am very excited to take responsibility for DBT and will continue to bring to bear the full gamut of our leading global fixed income capabilities for this fund."