Fixed Income  

Manager Hodges reveals he was ‘frustrated’ at Lgim

Bond manager Dickie Hodges has revealed he was “frustrated” at the constraints imposed on him by his former employer Legal & General Investment Management (Lgim).

Mr Hodges had been at Lgim for seven years where he ran the successful £2bn L&G Dynamic Bond Trust, but he left in April this year and has since joined Nomura Asset Management.

“I was frustrated by not being able to do what I wanted to do,” the manager said.

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At Nomura, he will run a Global Dynamic Bond fund, which is set to launch in January 2015, with his former Lgim co-manager Ben Bugg.

Mr Hodges explained his new fund would “have an identical style” to his previous fund but said Nomura would give him greater flexibility to invest in certain asset classes than he had at Lgim.

This includes being able to invest up to 20 per cent in convertible bonds, rather than the 5 per cent limit imposed on the L&G Dynamic Bond Trust.

The fund will also be a “truly global” offering in that it will be offered in at least seven different currencies.

“At L&G I wanted to run a product that was for global investors and at Nomura I’m going to be able to,” he said.

He noted that his position at Nomura was “the last job I want to have”.

A spokesperson for Lgim said: “At the time of his departure, we wished Dickie all the best in his future career. The Dynamic Bond Trust has behind it a sizeable and hugely talented team and that remains the case.”