Scottish Widows Investment Partnership (SWIP) has promoted Dan Daldry as co-manager of the Swip Absolute Return Bond fund alongside James Carver.

He has worked alongside Carver on the GBP113.5million fund. Through his graduate program he had joined asset management in 2008. He had managed credit research in the financials sector since 2009.

SWIP global head of rates Graeme Caughey said: "With prospective returns looking low for traditional asset classes, absolute return bond strategies are playing an increasingly important role for many clients."

"The partnership of James and Dan ensures a clear process to harness expertise from our credit, rates and currency teams, meaning the best research ideas are available to build a diversified portfolio."

The fund is in the second quartile of the IMA Absolute Return sector for the past three years and SWIP said that, on a risk-adjusted basis, it is in the top decile of the sector for one and three years.

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