David North, Legal & General Investment Management's former head of asset allocation and high yield, is set to return to the fund management industry.
North is understood to be seeking seed capital for a fund similar in style to the global macro fund he managed for many years at LGIM. During the 13 years he spent at the asset manager, he ran the £1.4bn High Income trust and the Diversified Absolute Return trust (DART). The latter was rebranded as the L&G Global Macro Themes fund in 2011. North (pictured) took extended sick leave from the firm in summer 2011, and subsequently left the business. The £400m Global Macro Themes fund has struggled in his absence, losing 4% in the three years to 27 September, according to Morningstar. ...
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