Former LV= fixed income team joins Friends Life

Friends Life Investments, the new asset management firm launching in the second half of this year, has hired the fixed income team  from Liverpool Victoria Asset Management.

The team, which will start at the insurer in January, comprises Michael Wright, John Hampton, Purna Bhudia and Nigel Bradshaw. It will be based in London and report to chief investment officer Mark Versey.

Wright, who was previously head of fixed interest at LV= Asset Management, will head the new team at FLI as director of fixed income.

He will be responsible for fixed income asset allocation, and direct management of the government bond portfolios.

Hampton will continue the management of corporate bonds, as head of credit for FLI. He will oversee all institutional corporate bond portfolios and will report directly to Wright.

Bhudia and Bradshaw will continue to report to Hampton, and will join the team as corporate bond portfolio managers.

The focus for FLI will be to manage the Friends Life Group's existing fixed income assets in respect of annuity liabilities, shareholder funds and assets backing other non-profit liabilities.

The firm said further investment classes will be considered as the business grows.

The business will use an outsourced model with investment operations managed by a third party administrator which the firm said is close to being appointed.

At the beginning of November, Threadneedle assumed responsibility for the investment funds managed by LVAM, although none of the bond team opted to join Threadneedle.