Legal & General Investment Management has hired Axa Investment Managers’ head of UK credit Mark Benstead.
Mr Benstead will join LGIM on July 7 as a senior portfolio manager within its UK credit team, helping to manage funds run by departing manager Richard Hodges.
The team, headed up by Robert Barnard-Smith, manages more than £20bn, including the L&G Fixed Interest Trust, the L&G Managed Monthly Income Trust and the L&G Sterling Income fund.
The funds had been run by Michel Canoy until he left in January to join Natixis, at which point Mr Hodges took on the funds before resigning in April.
Mr Benstead had been with Axa since 2007, having previously been a managing director at Royal Bank of Canada.