Allianz Global Investors has re-jigged its global fixed income setup in a move that sees bond manager Mike Riddell assume a new leadership role.
Riddell (pictured) has become head of the newly-formed macro unconstrained group which includes the team that manages the Allianz Strategic Bond fund, the Allianz Fixed Income Macro fund, Allianz Gilt Yield fund, and the Allianz Index-Linked Gilt fund.
The move is part of a wider reorganisation of Allianz GI’s €193bn (£172bn) fixed income group that sees its global structure split it into five areas: core fixed income, credit, Asian and emerging markets, insurance and liability driven investment (LDI), and advanced fixed income.
Riddell’s macro unconstrained group sits within the core fixed income area which is headed up by Julian Le Beron. Vincent Marioni will lead credit, David Tan and Richard House will lead Asian and emerging markets, David Gillard will lead insurance and LDI, while Maxence Mormede will lead advance fixed income.
No change to Riddell’s responsibilities
Allianz GI confirmed when asked by Portfolio Adviser that Riddell’s responsibilities will remain the same and his attention will remain focused on managing his funds.
Riddell said: “The evolution of our global fixed income platform is great news providing us with even deeper and more integrated resources to support our growing macro unconstrained franchise of funds.
“There is no change to any of our funds, processes or people, simply a wider global opportunity set to harness for the benefit of our managers, funds and ultimately our clients in the UK.”
Riddell is lead manager on the Gilt Yield fund and a co-manager on the Strategic Bond, Fixed Income Macro and Allianz Index-Linked Gilt funds.
The Strategic Bond fund has returned 22.6% year to date, compared with 1% for the Bloomberg Barclays global Aggregate GBP hedge index and -0.5% for the IA Sterling Strategic Bond sector, according to FE Fundinfo data.
Last month the fund was singled out as having propelled Allianz to its best ever quarterly sales figures for UK-domiciled funds in Q1, according to the latest Pridham Report.
Frank Dixmier becomes fixed income CIO
As a result of the restructure, Franck Dixmier, who has been global head of fixed income for the past five years, has become chief investment officer of fixed income.
Allianz GI CIO global fixed income strategies Malie Conway has become head of US distribution. She will relocate to New York, reporting to Allianz GI chief executive Tobias Pross.
Allianz GI’s credit research team now has 25 individuals, the firm said.
Dixmier said: “This globally integrated setup is a natural progression for our teams that have already been working alongside each other as we have steadily built out our fixed income capabilities.
“By introducing a simplified, common framework and harmonised governance structure, we will be able to make best use of our considerable active investment talent to drive performance for clients as we continue to evolve our offering.”
Follows changes to the global equity team
The change comes almost a month after Allianz GI announced a reshuffle of its global equity team which saw head of global equities Lucy Macdonald leave the firm after almost 20 years.
> See also: Allianz GI admits to ‘unfortunate’ timing of Lucy Macdonald podcast launch
Macdonald, who had been with the firm since 2001, stepped back from her roles as portfolio manager on the Allianz GI Global High Alpha strategies and the Brunner Investment Trust, which is managed by Allianz GI.
