“We liked Riddell when he was at M&G and had fantastic resources,” Johnson expanded. “But he does not have a huge history in government bonds, which, given the fact that he is going to be supported from Paris and the deputy is going to be based in Germany, is worrying.
Mayo added: “At M&G, Riddell was part of the biggest fixed income team in the country. Without the support of Jim Leaviss, Richard Woolnough and the rest of the M&G team, it does make you wonder what Riddell has. That said, he was at M&G for 12 years, so he should know what he is doing.”
As with any big-name move, while it appears a no-brainer on the surface, there are always underlying factors that threaten to complicate matters. For now, as Hearnden points out, all the industry can do is wait and see how things pan out.
“While Allianz have a UK fixed income capability, they do not have any really big names,” she said. “By hiring Riddell they have got themselves more of a ‘star’ manager – you could call it a ‘marquee’ signing, and should help them to grow that side of the business. However, I will wait until we have met with Riddell before making a final judgment.”
