ING's fixed interest manager Jim Reardon, who has been running the Diversified Yield Fund (DYF) is leaving the company to settle in Sydney.
Reardon joined ING in 2001 as a fixed interest manager, with a particular focus on credit management and currency.
The DYF has attracted more than $280 million in funds under management, and has exceeded forecast performance returns.
ING chief investment officer Rebecca Thomas says the impact of Reardon’s departure is minimised because ING takes a team approach to funds management.
“As a ‘fund of funds’, the core investment management function lies essentially with the underlying managers, who will of course continue to perform this role in respect of the Fund,” she says of the DYF.
Thomas says ING is now considering a number of options to further resource the investment team.
In the meantime Graham Ansell and Andrew Michl will manage the fixed interest and credit portfolios
Reardon has accepted a role at Halifax Bank of Scotland (HBOS) in Sydney as Head of Trading and Sales. He begins with HBOS early in the New Year.
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