LGIM hires replacement for North on £2bn High Income trust

Legal & General Investment Management has hired Martin Reeves from AllianceBernstein to replace David North as manager of its £1.9bn High Income trust.

Reeves, director of global fixed income credit research at AllianceBernstein, will join LGIM next month as head of high yield.

Current head of high yield North has been on extended sick leave since earlier this year and will focus on asset allocation responsibilities upon his return.

Reeves worked at AllianceBernstein since 1998, and was part of a fixed income team that runs mandates including the €20bn Global High Yield, €195m European Income, and €42m Euro High Yield portfolios.

Credit analyst Claire McGuckin has been managing the LGIM High Income trust in North's absence, but will hand over responsibilities to Reeves next month.

The High Income trust has returned 13.4% in the three years to 12 August against an IMA £ High Yield sector average of 21.1%. Over one year it has returned 1.6% against a sector average of 1.1%, according to Morningstar.

Former deputy manager Ben Gill will continue to handle North's responsibilities on the Diversified Absolute Return trust. However, Investment Week understands LGIM is in the process of overhauling the fund in a move which may see it change name and investment objective.