Kames rocked by fixed income departures

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Kames rocked by fixed income departures

Kames Capital has lost its co-head of fixed income Stephen Snowden and head of high yield David Ennett, in a wave of departures from the firm.

Following Snowden and Ennett out of the company are fund managers Stephen Baines and Juan Valenzuela are also leaving the business "to pursue other interests".

In light of the departures Kames has announced a raft of changes to its fixed income team, including the appointment of several co-managers

Grace Le will join existing co-manager Euan McNeil on the Investment Grade Bond and Investment Grade Global Bond funds, Rory Sandilands will become co-manager with existing manager Colin Finlayson on the Absolute Return Bond fund and Finlayson also becomes co-manager on the Strategic Bond and Strategic Global Bond funds with current co-manager Alex Pelteshki.

Furthermore, Jack Holmes and Mark Benbow will co-manage the High Yield Bond and Short Dated High Yield Bond funds, while Benbow will also be promoted as co-manager on the High Yield Global Bond fund alongside Holmes.

The firm said the changes will not impact the funds' investment process or strategy due to its team-based approach.

Adrian Hull, previously the co-head of fixed income alongside Snowden, will assume sole responsibility for the fixed income team.

‘Competitive market'

Kames chief investment officer Stephen Jones, said: "We operate in a very competitive market, one where we have seen a good degree of change recently across the whole sector.

"We are not immune and while it is always disappointing to lose members of the team, it allows us to promote from within and refresh and recruit where appropriate and necessary.

"I would underline that at Kames we operate a team-based approach with a longstanding tried-and-tested investment process across all asset classes with significant resource directed to fixed income where we remain committed to the market.

‘Serious blow'

Ryan Hughes, head of active portfolios at investment platform AJ Bell, said: "The surprise departure of Stephen Snowden and David Ennett is a serious blow for Kames Capital, especially having lost David Roberts and Philip Milburn last year.

"This has really ripped the heart out of the experienced team at Kames and leaves their capability significantly weaker."