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Article: New manager marks out L&G's direction.
- Article from:
- Investment Adviser
- Article date:
- August 31, 2009
CopyrightCOPYRIGHT 2009 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...