Threadneedle confirms no managers to join from LVAM

No fund managers will be joining Threadneedle from LVAM following its £8bn outsourcing deal, as revealed by Investment Week earlier this month.

Key LVAM managers including Graham Ashby, Paul Kim and Richard Timberlake, will not be joining the firm.

Threadneedle is renaming LVAM's retail OEICs, although there is no change to the fees, and no proposed immediate changes to the investment objectives or policies of the funds.

All funds tagged LV= will now come under the Threadneedle brand. For example, LV= UK Equity Income becomes the Threadneedle UK Equity Income fund.

Threadneedle's head of equities Leigh Harrison, along with Richard Colwell, will take on the UK Equity Income fund, while Mark Westwood will run UK Growth, and William Davies will run the European ex-UK Growth fund.

Diane Sobin takes on US Equity Income, Sarah Williams runs Japan Growth, and Rafael Polatinsky will manage the Pacific ex-Japan Growth fund.

Giles Gilbertson and Damian Barry take on the Balanced Managed fund, Worldwide Select, Diversified Income, as well as the whole Managed Portfolio range.

On the fixed income side, Alasdair Ross will run the UK Corporate Bond, UK Short-Dated Corporate Bond, and the UK Medium & Long-Dated Corporate Bond funds.

Paul Witchalls takes on the UK Money Market fund. Richard Stevens will take the helm of the UK Fixed Interest, UK Short-Dated Gilt, and UK Index Linked funds.

Meanwhile Threadneedle has appointed Giles Gilbertson from IMS as head of multi-manager, while Damian Barry has been made multi-manager fund manager and will manage the unfettered range of funds.

Barry has been with Threadneedle for three years as product development director and prior to that ran a range of multi-manager funds at Russell Investments for 13 years.

Meanwhile Gilbertson worked at IMS and then FundQuest from 2001-2009, latterly as CIO. Prior to this he was a fund research director at Standard & Poor's in both London and New York.

Crispin Henderson, CEO of Threadneedle, said: "With this partnership we are very excited to be bringing LV='s range of retail funds under the Threadneedle umbrella and we are committed to delivering excellent investment performance and service to our new retail clients.

"We take a team-based approach to fund management, with a culture of open discussion, debate and sharing of ideas, and we believe that our performance track record endorses this approach."

In July Investment Week revealed LVAM had agreed a long-term partnership with Threadneedle to outsource management of approximately £8bn of assets and external funds.