Aviva Investors’ Josh Rank has stepped down as lead manager of the $2.4bn (£1.6bn) Aviva Investors Global High Yield Bond fund amid plans to relocate his US-based team.
Rank, who was also co-manager on the $467.9m Aviva Investors Short Duration Global High Yield Bond fund, has left the asset manager to join Principal Global Investors.
“He has been a valued member of our team and we wish him well,” the firm says.
In addition, Matt Hanson has departed as senior securities analyst for high yield and investment grade at Aviva Investors and has joined Principal Global Investors as senior high yield analyst.
Principal Global Investors global head of fixed income and chief investment officer David Blake says: “We welcome Josh and Matt to their new roles and look forward to their contributions to the high yield team.
“Josh’s strength as a fixed income portfolio manager is evident in his experience leading successful high yield strategies, and Matt’s analyst experience and previous employment with Principal Global Investors make him a great fit. Both will be an asset in growing our client base and bolstering our investment strategy.”
Rank had worked on the Aviva Investors Global High Yield Bond fund with Chris Higham and Chris Langs since September 2008. Head of high yield investments Todd Youngberg will become the lead manager of the fund.
The duo’s departure comes at the same time the firm plans to shift its US-based high yield team from Des Moines in Iowa to Chicago, Illinois. Aviva Investors says Rank has decided not to make the move.
The firm adds that the US high yield team’s will remain the same after the switch in manager or the relocation of the team. Patrick Goff was recently hired as senior research analyst for the high yield team.
”Much of the success of our high yield capability has been a result of our consistent investment process managed by a team of collaborative professionals. This approach will not change,” Aviva Investors says in a statement.
Aviva Investors Global High Yield Bond’s cumulative performance to 8 July 2013
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Source: FE Analytic