Mike Riddell will be leaving Allianz Global Investors in June, giving up the leadership of the Allianz Strategic Bond fund he has been managing since 2015.
AllianzGI confirmed he will be pursuing an opportunity elsewhere from July and Riddell hinted at an announcement planned in the coming days.
The flagship bond strategy will be managed henceforth by the firm’s global markets team, led by core fixed income chief investment officer Julian Le Beron. While the investment objectives, strategy design and guidelines of the strategies will be the same, the investment process will be "enhanced".
The new team-based and co-lead structure “will bring the vehicle in line with the rest of AllianzGI’s wider €170bn fixed income platform,” the firm stated, "and the strategy will benefit from the full risk management oversight and governance processes of the wider AllianzGI fixed income platform."
Under Riddell’s tenure, the fund has ebbed and flowed, with great success during the Covid pandemic, followed by substantial losses and asset outflows more recently. Since May 2021, it shrunk from £3.2bn to the present £924m.
Performance of fund against sector and index over 12 months and 5yrs
Source: FE Analytics