Legal & General Investment Management (LGIM)’s Richard Hodges will take over the management of three Legal & General fixed income funds worth £2 billion in assets, replacing Michel Canoy, who will be leaving the company at the end of January 2014.
In his new role, Hodges will be responsible for managing the £1.3 billion L&G Fixed Interest Trust, £391 million Managed Monthly Income Trust and £660 million Sterling Income funds in addition to managing the Legal & General Dynamic Bond Trust.
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However, the fund’s team-based investment processes of these funds will remain the same.
Roger Bartley, head of fixed income at Legal & General Investment Management, said: "The funds have delivered strong performance under Michel’s management and I am confident that Richard and the team can build on this success in the future. We wish Michel all the best in his future career."
Richard Hodges, fund manager, Legal & General Investment Management, sad: "Economic growth looks positive, so I expect the future path of US and UK interest rates to be a key driver of returns in 2014 and beyond. At the moment I have a strong conviction for assets with less interest rate sensitivity and am actively managing interest rate risk – a theme that is reflected across all our retail funds."
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