Unlike Stanley, who was based in Paris, Wilmont – who joined Axa only in March this year – will be based in London, reporting directly to Denis Gould, Axa’s UK head of fixed income. Wilmont will be in charge of running the European element of the portfolio, which currently constitutes 30% of the fund. The remaining 70% is invested in America, and this is managed by Tom Kelleher, head of the US high yield team at Axa. Before joining Axa, Wilmont spent two years at Pareto Partners managing a European High Yield fund. Stanley, meanwhile, has joined Invesco Fixed Income as a European high-yield portfolio manager. Not related to Invesco Perpetual or Invesco UK, Invesco Fixed Income – which is part of Invesco Worldwide Fixed Income – is a separate group within Invesco, which has offices in Louisville (Kentucky), New York, London, Frankfurt and Melbourne. Stanley has joined the London office. Over one year to May 2, 2005, the fund Stanley leaves behind is ranked 32nd out of 43 funds in the IMA UK Other Bond sector, following a return of 7.5% compared with the sector average return of 8.4%.