Friends Life Investments (FLI), the new asset management business set to launch in the second half of 2012, has today announced the team of leading fund managers that will oversee its fixed income portfolios.
The award winning fixed income team from Liverpool Victoria Asset Management will join FLI in January 2012. Michael Wright, John Hampton, Purna Bhudia and Nigel Bradshaw will be London based and report to Chief Investment Officer, Mark Versey.
Michael Wright, previously head of Fixed Interest at LV= Asset Management, will lead the new team at Friends Life Investments as Director, Fixed Income. He will be responsible for fixed income asset allocation, and direct management of the government bond portfolios.
John Hampton will continue with the management of corporate bonds as Head of Credit for Friends Life Investments (he most recently ran the award winning LV= UK Corporate Bond Fund). John will oversee all the institutional corporate bond portfolios and report directly to Michael.
Purna Bhudia and Nigel Bradshaw will both continue to report to John Hampton and will join the team as corporate bond portfolio managers.
Mark Versey, Chief Investment Officer of Friends Life Investments said:
"This is a significant milestone on the journey to launching Friends Life Investments. I am delighted to welcome four such talented individuals to our business and I know their collective wealth of experience and talent will greatly contribute to our development and enable us to hit the ground running when we launch in the second half of 2012. I have every confidence that Mike and his team will continue to be recognised within the industry for the work they will undertake for Friends Life Investments."
The initial focus for FLI will be to manage the Friends Life Group's existing fixed income assets in respect of annuity liabilities, shareholder funds and assets backing other non profit liabilities. Further investment classes will be considered as the business grows.
The business will use an outsourced model with investment operations managed by a third party administrator which, following a rigorous selection process is close to being appointed.
The UK Corporate Bond Fund, managed by John Hampton and supported by Purna Bhudia and Nigel Bradshaw, won the 2011 Investment Week fund of the year award for the Sterling Corporate Bond category. The Fixed Interest team was also recognised for its excellent and consistent performance by winning the Lipper Best Small Bond Group Award for 2011 (small bond group relates to 5 or less funds managed).
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