Margaret D. Patel joined Evergreen Investments as a managing director and portfolio manager, said spokeswoman Laura Fay. Ms. Patel will manage the $1.3 billion Evergreen Balanced Fund and the $302 million Evergreen Strategic Income Fund. She replaces a team of six portfolio managers for the Strategic Income fund and 12 portfolio managers for the balanced fund.
Effective June 1, the Strategic Income fund will be renamed Evergreen Diversified Income Builder fund, reflecting the wider range of securities Ms. Patel can invest in. In an interview, Ms. Patel said shell be able to add equities and equity-like instruments such as convertible bonds to the fixed-income lineup found in typical strategic income funds, which currently offers little in the way of extra return potential. On the equity side, Ms. Patel said shell take a multicap approach, with active industry allocations to take advantage of pockets of value.
Ms. Patel was portfolio manager of Pioneer Investments $4.7 billion Pioneer High Yield fund. Andrew Feltus, portfolio manager of the $1.7 billion Pioneer Global High Yield fund, also became lead manager of the High Yield fund as of April 2.