Top bond fund manager to depart after nearly three decades

Fixed income head Jim Leaviss is leaving M&G after 27 years at the firm.

Leaviss, chief investment officer (CIO) for M&G’s £139 billion fixed income division, is leaving fund management to pursue a masters in the history of art.

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Leaviss is lead manager of M&G Global Macro Bond, one of interactive investor’s Super 60 funds. He has managed the strategy since its inception in September 1999. Eva Sun-Wai and Robert Burrows will become co-fund managers of the fund.  Sun-Wai has been co-manager on the strategy since 2021. Burrows is a fund manager specialising in government bond and macro fixed income mandates. He joined M&G in 2007, while Sun-Wai joined in 2018.

Following the announcement, the ii fund analyst team will be considering whether to put the fund under review.

Leaviss will be replaced by Schroders head of fixed income Andrew Chorlton later this year.

Commenting on Leaviss’ departure, Joseph Pinto, Chief Executive Officer, M&G Investments, said: “I would like to take the opportunity to pay tribute to Jim whose influence in the world of bonds has been significant – he should be extremely proud of his career at M&G and of the dynamic and talented team he has nurtured. Jim has delivered excellent returns for our clients and his unique way of communicating has always been very engaging with clients, by sharing the team’s insights straight from the desk.”

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Leaviss’ departure follows a flurry of fund manager changes so far in 2024. Among those that catch the eye is that UK value investor Ben Whitmore is leaving Jupiter Fund Management to set up his own boutique investment management firm. Whitmore is best known for managing the Jupiter UK Special Situations fund and Jupiter Income Trust. Overall, when the news emerged in early January that Whitmore was leaving, he managed £10 billion for Jupiter.

Replacing Whitmore on the Jupiter UK Special Situations fund will be Alex Savvides from JO Hambro Capital Management. He managed the JO Hambro UK Dynamic fund. Savvides is expected to join Jupiter in the autumn.  

Linked to this is that Kevin Murphy is leaving Schroders to join Whitmore’s new venture, called Brickwood Asset Management. Murphy, a value investor and co-head of Schroders’ value team, has co-managed Schroder Recovery since 2006 and co-managed Schroder Income since 2010. His colleague, Nick Kirrage, who is co-head of Schroders’ value team, will take full responsibility following Murphy’s exit, which was announced in early June.