The trio co-managed the £2.7m Allianz Fixed Income Macro fund, which is set to close due to low assets under management.
Three portfolio managers from Mike Riddell's former bond team are set to leave Allianz Global Investors following the exit of their boss to Fidelity International.
Joe Pak, Ravin Seeneevassen and Jack Norris, members of the firm's macro unconstrained fixed income team, will depart this summer.
The trio co-managed the £2.7m Allianz Fixed Income Macro fund, which is set to close due to low assets under management. The SICAV version of the strategy closed on Friday (19 July), while the OEIC will close in September.
Allianz GIobal Investors star bond manager Mike Riddell exits to join Fidelity
Until its closure, the Fixed Income Macro OEIC will be run by members of the global markets team, led by core fixed income CIO Julian Le Beron, who have already taken over portfolio management responsibilities for the Strategic Bond, Gilt Yield and Index-Linked Gilt funds.
Pak and Seeneevassen worked together with Riddell on the £460m Strategic Bond fund. Pak is also deputy manager of the £1.1bn Allianz Gilt Yield fund, while Seeneevassen holds the position of deputy manager for the £138.6m Allianz Index-Linked Gilt fund.
Out of the three, Norris has worked at the firm for the longest, joining as a portfolio manager in June 2016. Pak joined AllianzGI in August 2021, while Seeneevassen started his role in June 2021.
Once Riddell joins Fidelity International in August, he will become the lead portfolio manager for the firm's strategic and total return bond strategies. Fidelity declined to comment on whether the departing trio will join Riddell at the firm.
Allianz GI global equity growth CIO to exit alongside four portfolio managers
At Allianz GI, Riddell was lead portfolio manager of the Gilt Yield, Index-Linked Gilt and UK Government Bond strategies, and co-lead manager of the firm's flagship Strategic Bond fund.
He joined the firm in 2015 as a senior portfolio manager after 12 years at M&G, where he ran a raft of bond portfolios, including the M&G Gilt & Fixed Interest and Index-Linked Bond funds. Prior to that, he was an assistant portfolio manager at Premier Asset Management.
His departure marks the second high-profile exit from the firm in recent months. Thorsten Winkelmann, CIO for growth equity portfolios, departed at the end of last year alongside four portfolio managers to join AllianceBernstein.
