Zemek will become head of fixed income strategy, leading the firm’s global strategy and research for the asset class.
Neptune said it had no current plans to launch fixed income products, despite the high profile appointment. Currently, it runs fixed income money through its Global Alpha and Balanced multi-asset funds.
Zemek was the fund manager on the UK’s first high-yield bond fund launched in the UK at M&G Investments.
She was global head of fixed income at Axa Investment Managers, before her exit four years ago. Previously she was head of fixed income at New Star Investment Management. She has also been CIO and global head of fixed income at M&G Investment Management.
Currently, Zemek is a non-executive director at Blackrock and a council member at Goldsmiths University.
Staff exits
The high profile appointment follows a number of exits from Neptune over the last two years.
In 2016, James Hackman jumped ship after four months in post and Felix Wintle left to join Tyndall Asset Management after 10 years at Neptune.
Last June, Matthew Butcher left the firm when it abandoned plans to launch its own wealth management business. The following month US Opportunities manager Robin Milway exited the firm, shortly followed by the departure of Patrick Close, who ran the small US Mid Caps fund.
Chelsea Financial Services managing director Darius McDermott said: “Zemek’s appointment is senior enough that it sends a different message to the industry.”
While Neptune has said it has no plans for fund launches, McDermott said: “You would think someone of Theo’s stature isn’t just been brought in to contribute to balanced mandates, where there’s equities and bonds in them already.”
Tilney managing director Jason Hollands said Zemek was a major name in the fixed income world, but had effectively been out of the market since leaving Axa IM in 2013.
“At this stage it isn’t clear whether this marks a desire to shift the Neptune business beyond its focus on equities with new product launches or if this principally about augmenting the resource behind its balanced mandates,” Hollands said.
Neptune confirmed Zemek will be full time in her new role.
M&G reunion
Michael McLintock, the former M&G chief executive who joined Neptune as special adviser a year ago, likely played a role in recruiting his former colleague, McDermott said.
Zemek will report to chief executive Robin Geffen and will work alongside chief economist and CIO James Dowey.
Geffen described her as one of the most senior and respected fixed income experts in the asset management industry. He said she will be a strong fit with Neptune’s “conviction-based investment approach based on a deep understanding of the sectors in which we work”.
Zemek said she is looking forward to joining Neptune at an “exciting” time for the business. “Neptune is a firm with a long track record of success and some of the best performance in the market today. I have long admired the business’ real world research strategy.”
