Iain Buckle, his fellow co-manager on the Ethical Bond fund, is remaining in the role. The group is also promoting Euan McNeil, currently an analyst on the fund, to be a co-manager.
McNeil is also being named as a co-manager of the Aegon Investment Grade Bond fund with David Roberts.
The group says the changes, effective from January 1, 2011, are “in recognition of the input both Buckle and McNeil have had into Aegon Asset Management’s UK and Dublin based retail funds”. (article continues below)
Milburn has been sole manager of the £309m Aegon High Yield Bond fund since October 2003 when he took it over from Stephen Snowden, who left to join Old Mutual Asset Managers.
It reports top-quartile returns over the past five years of 38.8%.
He is also co-manager of the £387m Aegon Strategic Bond fund, which reports top-quartile five-year returns of 29.3%.