Twentyfour Asset Management asset-backed securities specialist Ben Hayward is stepping away from his portfolios to become chief executive, replacing the bond house’s long-serving leader Mark Holman.
Hayward (pictured) will remain a member of the asset allocation committee when he takes over as CEO at the Vontobel-owned firm in January, but he will step back from co-management on three open-ended funds, including the £1.4bn Twentyfour Monument Bond fund, and two investment trusts, the Twentyfour Income Fund and UK Mortgages.
Holman has been been at the helm of the fixed income business since it was founded in 2008, but will now focus all his attention on managing money within the multi-sector bond team. Until now, he has combined his role as CEO with management of Twentyfour’s flagship Strategic Income fund. He also co-manages the Twentyfour Dynamic Bond fund and Focus Bond fund.
A press release said the firm’s growth had made it increasingly difficult for him to dedicate enough time to both functions.
In the ABS business, partners Rob Ford, Douglas Charleston and Aza Teeuwen, alongside eight further investment professionals, will drive the strategy.
“Since inception Mark has led the management team and the firm exceptionally well, making Twentyfour one of Europe’s most respected fixed income boutiques,” said chairman Graeme Anderson. “Ben Hayward has been a key member of our management team for many years and I look forward to continuing to work with him as our new CEO.”
Additionally, Twentyfour is expanding its executive committee with the addition of partners Eoin Walsh and Sujan Nadarajah. Earlier this year John Magrath was also added to the committee.
