The departing Allianz Strategic Bond manager Mike Riddell will join Fidelity International in August.
In his new role, Riddell will be lead portfolio manager for Fidelity’s strategic and total return bond strategies. Current lead manager Tim Foster will assume co-manager responsibilities.
Based in London, he will report to Rosie McMellin, director of portfolio management, fixed income.
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His departure from Allianz GI after eight years at the firm was reported earlier today (2 May).
From June, all Allianz strategies managed by Riddell will be passed onto the firm’s global markets team, led by core fixed income CIO Julian Le Beron.
Steve Ellis, fixed income global CIO at Fidelity, said: “Our ambition is to become a globally diversified leading manager of fixed income, drawing upon research, portfolio design and construction. To support this, we will continue to develop and invest in our own talent, as well as hiring the best from the market, if required.
“Mike is a highly experienced fixed income portfolio manager with a strong long-term performance track record and a philosophy centred on providing low correlation to equity in total return and unconstrained fixed income strategies.
“We are delighted to welcome Mike to the fixed income team and are confident that his top-down macro insights will enhance and complement our extensive bottom-up credit and quantitative research resources.”
