M&G Investments has appointed Andrew Chorlton as chief investment officer (CIO) of its £139bn fixed-income division.
He will succeed Jim Leaviss, who has decided to leave M&G to pursue “personal interests in academia” following a 27-year career with the firm.
Chorlton is currently head of fixed income at Schroders and a member of the firm’s group management committee.
He will join the business later this year and report to Joseph Pinto, CEO of M&G Investments.
Chorlton has more than 25 years of experience in fixed income markets, managing teams of fund managers.
He has direct portfolio management experience in global fixed income, US multi-sector and credit strategies in both Europe and the US.
Pinto said: “I would like to take the opportunity to pay tribute to Jim whose influence in the world of bonds has been significant – he should be extremely proud of his career at M&G and of the dynamic and talented team he has nurtured.
“Jim has delivered excellent returns for our clients and his unique way of communicating has always been very engaging with clients, by sharing the team’s insights straight from the desk. When Jim leaves later this year, he will go with our thanks for his contribution and our very best wishes as he pursues academic interests.
“With Andrew’s vast experience as both a fund manager and as a leader, we have appointed a fixed-income heavyweight who will lead this highly experienced team at a time where we expect significant opportunities to materialise within bond markets as the rate cycle starts to move.”
Leaviss said: “It’s been a tremendous privilege to work at M&G for almost three decades and lead the team through the growth of bond markets during that time.
“I’m really proud of our team of fixed-income professionals, the talent we’ve developed and what we’ve achieved for clients.
“I’d like to thank everyone for their support over the years and I am in no doubt that this culture will continue – I wish the team all the best.”
Leaviss will remain in his role until the autumn to ensure a “smooth transition and handover of responsibilities”.
Chorlton said: “I have enjoyed over a decade at Schroders both in New York and London and am proud of the strong fixed-income platform that has been built.
“I wish them well for the future as I embark on the next stage of my career. I have long perceived M&G to be one of the leading fixed-income managers and a strong competitor throughout my career given its history in the asset class.”
He added: “It is an honour to take on this role at a time when investors are increasingly seeking active managers with a global perspective built on a foundation of proprietary research to take advantage of the opportunities that present themselves in the bond market as clients’ need for income continues to grow.”
M&G’s public fixed income is a global platform with teams in the UK, Europe, USA and Asia.
The team manage a range of strategies across investment grade credit, high yield credit, government bonds, emerging market debt, absolute return, flexible credit, multi-asset credit and annuities.
