Axa Investment Managers’ Marion Le Morhedec, lead manager on the €3.4bn (£2.9bn) Global Inflation Bond fund, is to step back from fund management in order to become the firm’s head of business development for fixed income.
The fund’s deputy manager Jonathan Baltora will now assume the lead role and also take over Ms Le Morhedec’s position as head of the inflation-linked bond team.
Axa Investment Managers’ newly launched $521m (£413m) Global Inflation Short Duration Bond strategy will now also be solely managed by Mr Baltora, with Ms Le Morhedec giving up her deputy manager duties.
Similarly, Mr Baltora will also now be the lone manager of a European inflation-linked bond strategy previously run by the pair.
Ms Le Morhedec will split her time equally between her business development responsibilities and the global inflation team for the remainder of the year in an attempt to ensure a smooth handover to Mr Baltora.
Mr Baltora joined Axa IM, and its inflation-linked bond team, in 2010.
An Axa IM spokesperson said: “Ms Le Morhedec will spearhead business development activity for fixed income and will lead our team of product specialists.
“Mr Baltora will become the lead portfolio manager on our global inflation strategies and will be supported by the global rates team under Jérôme Broustra’s management.”