Paul Grainger is to run more than £500m of Gartmore's UK retail money when he takes over from Eran P...
Paul Grainger is to run more than £500m of Gartmore's UK retail money when he takes over from Eran Peleg, who is leaving the company to return to Israel.
Peleg, who currently runs Gartmore's £213.8m Corporate Bond, £153.7m High Yield Corporate Bond and £35.7m offshore Capital Strategy Sterling Bond funds, leaves on 20 August after five years at the company.
In addition to running Peleg's three funds, Grainger will continue to manage the four star, Standard & Poor's A-rated £110.7m UK Gilt & Fixed Interest fund, taking the total amount of retail money he will run up to £513.9m.
Peleg and Grainger have worked closely as a team since 1999. Roger Bartley, head of fixed income at Gartmore, said the pair have similar investment management styles, so the transition will be seamless. Grainger was the alternate manager on the funds when Peleg was away.
Grainger also manages a range of corporate bond portfolios for institutional clients, including the Gartmore Pension Strategy Corporate Bond fund and the UK bond portion of the Gartmore institutional balanced funds.
Grainger's performance on the UK Gilt & Fixed Interest fund has left it ranked 11 out of 25 funds over the three years to 22 July and 17 out of 31 funds in the 12 months to the same date.
Fixed income has been identified as a key area for Gartmore, which earlier this month appointed Simon Surtees and Alok Basu to its credit research team.
Surtees joins from Bear Sterns International where he was managing director of the fixed income credit research division and Basu joins from Barclays Capital where he was a fixed income credit strategist.
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