Subject to regulatory approval, Saeed is set to begin running the trust in July, taking over from current manager Martin Reeves.
Saeed, who joined LGIM’s global fixed income team in February as a senior portfolio manager, will continue to utilise the trust’s strategic bond fund approach, employing a flexible, macro-based investment mandate across the fixed income spectrum.
LGIM confirmed that Saeed was brought into the business with a view to him taking over from Reeves after an assimilation period, with the firm saying that Reeves was always viewed as a temporary replacement for Hodges.
Reeves, LGIM’s head of global high-yield, while continuing to work on the Dynamic Bond Trust alongside Saeed, will be directing his focus on leading the L&G High Income Trust.
“DBT’s strategy is ideally suited to the uncertain market environment that lies ahead, where there is a high probability of rising bond yields and volatile credit markets,” said Anton Eser, LGIM’s co-head of fixed income.
“Omar and the team behind DBT will continue to dynamically adjust its exposure to reflect our market outlook and to manage interest rate risk. His strong macro-economic background will ensure that core macro themes are represented tactically and consistently throughout all the underlying investments within DBT.”