MONEY MANAGEMENT

Old Mutual Global Investors fixed-income head steps down

Christine Johnson, head of fixed income at Old Mutual Global Investors, will leave the firm following a strategic review.

The review led to several senior appointments, but the firm mutually agreed with Ms. Johnson that the role was no longer required, said a news release Tuesday. She will leave Friday, said a spokeswoman.

Over the past two years, Ms. Johnson reduced her portfolio management responsibilities and had instead focused on team management, according to the release. Recent hires included John Peta as head of emerging market debt in March 2015 and Mark Nash as head of global bonds in June. In December 2015, Tim Barker was promoted to head of credit.

"With the team in place for nearly nine months, Christine has agreed with OMGI that the role of head of fixed income is no longer required and she will be leaving the business to pursue other opportunities. The business has no plans to hire a replacement," said the release.

The $110.6 million Old Mutual Monthly Income High Yield Bond Fund, for which Ms. Johnson was co-manager, will be co-managed by portfolio manager Bastian Wagner. Mr. Barker will also become co-manager. He will also run the £135 million ($167 million) Old Mutual Monthly Income Bond Fund, with support from the global bond team. Ms. Johnson was also a co-portfolio manager of the fund.

Messes. Barker, Peta and Nash will report to Paul Simpson, director of investments.

OMGI has £31.4 billion in assets under management, and the fixed income team runs £1.1 billion.