LGIM’s Hodges to run three more funds

Legal & General Investment Management (LGIM) has announced that Richard Hodges will take on the management of three Legal & General fixed income funds, replacing Michel Canoy who will be leaving the company at the end of January 2014.

In addition to managing the Legal & General Dynamic Bond Trust, Richard Hodges will become lead manager on the following funds:

• Legal & General Fixed Interest Trust
• Legal & General Managed Monthly Income Trust
• Legal & General Sterling Income Fund

The funds’ team-based investment processes will not be changed, LGIM also said.

Roger Bartley, head of Fixed Income, Legal & General Investment Management commented:  “The funds have delivered strong performance under Michel’s management and I am confident that Richard and the team can build on this success in the future. We wish Michel all the best in his future career.”

Richard Hodges, fund manager, Legal & General Investment Management added: “I know these funds well and I look forward to managing them. Next year should be an interesting time for investment grade corporate bonds.

“Economic growth looks positive, so I expect the future path of US and UK interest rates to be a key driver of returns in 2014 and beyond. At the moment I have a strong conviction for assets with less interest rate sensitivity and am actively managing interest rate risk – a theme that is reflected across all our retail funds.”

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