Portfolio managers at Allianz Global Investors Joe Pak, Ravin Seeneevassen, and Jack Norris are set to leave the company, following the exit of fund manager Mike Riddell earlier this year.
Riddell announced his departure from AllianzGI in May, moving to Fidelity in August. His strategies, which included the £924m Allianz Strategic Bond fund, were taken over by the global markets team, headed up by CIO Julian Le Beron. He had been with AllianzGI for eight years. Pak and Seeneevassen joined the team in 2021, while Norris joined in 2016.
Following Riddell’s exit from the firm, Square Mile removed three of AllianzGI’s fixed income funds, stating that the funds’ inclusions were “centred around the analysts’ conviction in Mr Riddell and the process which he built over several years at Allianz”.
The management trio now exiting AllianzGI managed the Allianz Fixed Income Macro fund, which began its wind-down process earlier this year. On 19 July, the SICAV version of the fund closed, while the OEIC is set to close in September. In the past three years, the fund has decreased by 1.7%, while the sector returned on average 7.26%. Performance has picked up in the past year, with an 11% return compared to a sector average 8.2%, according to FE Fundinfo.
“Until its closure, the Fixed Income Macro OEIC will be run by members of the Global Markets team, led by Julian Le Beron, CIO Core Fixed Income, who have, as announced earlier this year, already taken over portfolio management responsibilities for the Allianz Strategic Bond, Gilt Yield and Index-Linked Gilt funds as part of a team-based approach,” AllianzGI said.
