Royal London Asset Management has appointed Axa Investment Managers veteran Richard Marwood as senior fund manager.
Marwood was co-manager of Axa IM’s Distribution range and reported to head of the range Jim Stride.
At RLAM, Marwood will report directly to chief investment officer Piers Hillier. He will work alongside former colleague Martin Cholwill, the firm’s UK equity income fund manager, who also spent more than 20 years at Axa IM before leaving the firm in 2005.
RLAM has not revealed which funds Marwood will be working on, saying it will “look closely at potential fund opportunities playing to Richard’s strengths”.
Commenting on his move on the same day it was announced he was leaving Axa IM, Marwood said RLAM is a firm “very much on the front foot”.
Hillier says: “Richard is a key hire for Royal London Asset Management’s equity team. Richard’s strong history of managing equities across a range of market conditions will be valuable for RLAM and its clients as we continue to build out our offering in this area.”
RLAM’s equities team has £27.3bn of assets under management, with £17.5bn in UK equities.
Following the announcement that Marwood was leaving Axa IM, the Adviser Centre removed the AXA Distribution fund from its recommended list.
Jamie Forbes-Wilson, manager of the AXA Framlington Blue Chip Equity Income fund, and Jim Stride, head of distribution, will both manage the distribution fund.
Gill Hutchison, head of investment research at City Financial, says: “We have high regard for Jim Stride, who has been working on the Distribution fund range since 1998, according to a stable, consistent and transparent investment process.
“That said, the team is currently in a period of transition as the new team members settle into their roles. On this basis we feel it prudent to remove the AXA Distribution fund from our recommended list while we see how the team develops.”