lvam fixed income team to join fli

Friends Life Investments has hired the fixed income team from LVAM to initially run the fixed income assets within its annuity liabilities, shareholder funds and assets backing other non-profit liabilities.

lvam fixed income team to join fli

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FLI is a brand new asset management business, a subsidiary of the Friends Life Group, that is to launch in the second half of next year. The firm’s focus is to run what it describes as “recaptured assets” which is essentially the existing fixed income assets that are currently being used in the Friends Life annuity book and shareholder funds.

To this end, it has recruited Michael Wright, John Hampton, Purna Bhudia and Nigel Bradshaw from LV= Asset Management who will join in January reporting to chief investment officer Mark Versey.

Wright was head of fixed interest at LVAM and will become director, fixed income, at FLI with responsibility for fixed income asset allocation as well as direct management of the government bond portfolios.

Hampton will manage corporate bonds as head of credit having previously managed the £130m LV= UK Corporate Bond Fund, the assets of which are now run separately as the Threadneedle UK Corporate Bond Fund run by Alasdair Ross.

Hampton will also oversee all the institutional corporate bond portfolios, reporting directly to Wright.

Bhudia and Bradshaw will join the team as corporate bond portfolio managers.

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