Gareth Quantrill has resigned as manager of the £2bn Scottish Widows Corporate Bond Fund to become head of credit at Henderson Global Investors.
The management of the flagship bond fund is to pass to the deputy manager, Neil Murray, who has worked for the group for seven years.
Quantrill will be on gardening leave until 29 July 2005 when he will take up the role of overseeing the institutional bond business at Henderson, although the group refused to rule out launching a retail bond fund for him.
Murray will also assume responsibility for the £217m Scottish Widows Strategic Income fund. He will jointly run the Scottish Widows European Corporate Bond Fund with Steve Logan
Murray will be assisted by Stuart McMaster, Scottish Widows head of bond fund management, and Steven Logan, the head of credit fund management, in running the range of funds but the group said that McMaster will be particularly active on the corporate bond fund which he managed until January 2001. The range of offshore bond funds that Quantrill ran for Scottish Widows parent company Lloyds TSB will pass to McMaster.
The group said that it will recruit new members to the bond team towards the end of 2005 but would not disclose whether Murray would continue to run the fund.
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