Article: New manager marks out L&G's direction.

Byline: Nick Rice

Deferrals of interest payments, subordinated debt buybacks and re-ratings of pub securities have numbered among the new investment themes on the GBP1.1bn Legal & General Fixed Interest trust after the arrival of a new manager on February 1.

Richard Hodges, head of high alpha fixed income at Legal & General Investment Management, said he had looked to invest the trust in a more diversified and hedged range of strategies, including unusual plays on subordinated financial debt.

The move into financials came after he lowered the fund's holdings in asset-collateralised securities from issuers such as pubs and wholesale businesses ...

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