Allianz Global Investors has teased a trio of hires for Mike Riddell’s €8.5bn (£7.5bn) fixed income team as manager Kacper Brzezniak prepares to depart.
In a press release the asset manager said it plans to boost the headcount in the Macro Unconstrained team, led by Riddell (pictured), from four to six and would be announcing two hires “in the near future”.
It added it would be bringing a third manager on board to replace manager Brzezniak who has decided to leave the firm later this quarter “to pursue opportunities outside of Allianz GI”.
Brzezniak has been with the business since 2016 and is lead manager on the £470.7m Allianz Fixed Income Macro strategy as well as co-lead on the £3.2bn Allianz Strategic Bond fund alongside Riddell. He is also a deputy manager on the £2.5bn Allianz Gilt Yield and £160m Allianz Index Linked Gilt strategies.
Riddell will take over as lead manager on the Fixed Income Macro and Strategic Bond strategies with “strong input” from Jack Norris and Daniel Schmidt while Allianz GI hunts for Brzezniak’s replacement.
Riddell and Brzezniak’s Strategic Bond fund was one of the breakout success stories amid the coronavirus pandemic, particularly over the first half of 2020 when it returned 26% compared to the IA Sterling Strategic Bond sector’s puny 1% gains.
Its stunning outperformance earned it industry plaudits and a strong pipeline of net inflows, which have continued into 2021.
However, this year performance has not been so strong with the fund down 3.7% year-to-date compared to the -0.4% sector average.
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