A prominent fixed income fund manager at Allianz Global Investors is leaving the firm.
The firm confirmed to FT Adviser that Mike Riddell is set to leave the firm this July.
Riddell has been with Allianz for eight years and has served as head of the macro unconstrained team since 2020.
From June, the strategies he manages will be managed by AllianzGI’s Global Markets team, led by Julian Le Beron.
Before joining Allianz, Riddell spent 12 years with M&G Investments where he was also a fixed income portfolio manager.
Over the past three years Riddell has underperformed by around 10 per cent, compared with his peer group. This improved slightly to an underperformance of 6.8 per cent in the past year.
An Allianz Global Investors spokesperson said: "Mike Riddell will be leaving AllianzGI to pursue an opportunity outside of AllianzGI from July.
"From June, the strategies Mike has been responsible for will be managed by AllianzGI’s Global Markets team, led by Julian Le Beron, CIO Core Fixed Income, to whom Mike reported.
"Adopting a team-based, co-lead approach brings the strategies in-line with the rest of AllianzGI’s wider €170bn fixed income platform and will be beneficial in terms of expanding the inputs into strategies, while still allowing the Macro Unconstrained strategies to continue to be run in line with their existing investment objectives and guidelines."
In February, FT Adviser's sister publication Asset Allocator reported Riddell's fund was once the joint most owned in the sector but after it was dropped by one allocator in 2023 the number of portfolios in which the fund appeared dropped to four.
tara.o'connor@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
