Ted Bacon, manager of the AAA-rated Threadneedle UK Corporate Bond fund, is to depart the group with...
Ted Bacon, manager of the AAA-rated Threadneedle UK Corporate Bond fund, is to depart the group within the next few months.
David Oliphant is to take on the £639m UK Corporate Bond fund managed by Bacon since launch in July 1995 with the group's head of investment grade research Andrew Crawford as deputy manager. Oliphant is currently lead manager on the Threadneedle Dollar Bond fund.
Bacon has also run the £117.5m Strategic Bond fund since launch in December 2001 and his current deputy Barrie Whitman is to take over the portfolio on Bacon's retirement.
Whitman currently runs the group's High Yield Bond and European High Yield Bond portfolios.
Bacon is retiring from the group on medical grounds. As yet there is no set date for his departure.
Communications director at Threadneedle Richard Eats said there will be no major change in approach on either portfolio.
He added Threadneedle's team process is specifically designed to ensure consistency of approach and returns should individuals leave, stressing that both Whitman and Oliphant are long-standing members of the fixed interest team and already know the portfolios well.
Over three years to 28 April 2003, Threadneedle UK Corporate Bond has returned 15.6% against a peer group average of 15.1%, after charges, ranking it 32 out of 60 in the sector.
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