Threadneedle co-head of emerging market debt John Peta has taken over management of the group’s local EMD fund as he begins running money at the group for the first time.

Peta, who joined from Boston's Acadian Asset Management last October, took over from co-EMD head Henry Stipp as manager of the £95m Threadneedle Emerging Market Local fund on 8 February.

Peta and Stipp will also now co-manage the offshore Threadneedle (Lux) Absolute Emerging Market Macro fund.

Stipp will continue to manage the flagship £984m Threadneedle Emerging Market Bond fund, in keeping with his focus on hard currency mandates.

Peta's expertise centres on local currency funds, while Zara Kazaryan, who also joined the group last year, focuses on corporate EMD.

Threadneedle also hired Mindaugas Lepeska as an EMD analyst in October as it moved to strengthen its team following the departure of divisional head Richard House, who left to join Standard Life Investments last April.