SLI European high-yield chief quits

General-Business-People-Hire-Appointment-700x450.jpgStandard Life Investments head of European High Yield David Ennett has resigned from the asset manager after six years.

Following his departure, Fraser Duff will become lead fund manager of the Higher Income and European High Yield funds and co-manager of the Total Return Credit fund.

Duff has been working with Ennett since 2012 and has been at SLI for five years. He currently also covers the chemical and pharmaceutical sectors in the global credit taem, and has 13 years’ experience in the industry.

SLI says there will not be any changes to the funds’ management and investment style following Ennett’s departure.

Ennett joined SLI in 2010, before becoming sole manager of the Higher Income fund in 2012, which he had previously jointly run with Arthur Milson.

Before SLI, Ennett worked as deputy fund manager at Old Mutual Asset Managers on the Dynamic Bond fund.

As a result of the change, City Financial’s Adviser Centre has removed the SLI Higher Income fund from its Recommended list.

City Financial head of investment research Gill Hutchison says: “The Global Credit team at Standard Life Investments is well resourced but we believe it is prudent to remove the fund from the Recommended list at this time.

“We will be composing a “Guidance” piece which will feature on The Adviser Centre in the coming days and will incorporate further thoughts about this development, together with information about the various choices in the IA £ High Yield sector.”