Kames Capital, the Edinburgh-based fund unit of Aegon NV (AGN), said Stephen Jones, co-head of fixed income, is replacing Andrew Fleming as chief investment officer.
Fleming, 53, is also stepping down as chief executive officer, Kames said in an e-mailed statement today. Fleming has held both roles for eight years. Sarah Russell, CEO of Hague- based Aegon Asset Management, will act as interim head of Kames until a replacement is found.
Jones, 45, joined Kames in 2002 from Britannic Asset Management where he was an investment manager.
Kames’s assets under management rose 6.1 percent last year to 52.1 billion pounds ($78.7 billion), including 28.4 billion pounds of bonds. Aegon rebranded its U.K. fund unit as Kames Capital in September 2011.
Markets are still “some way away” from anything that makes investment-grade credit unattractive, Jones said in an interview with Bloomberg published today. Jones expects yields on 10-year U.K. government bonds to fall toward the record low 1.14 percent they reached in July, he said in an interview this month.
Jones didn’t immediately respond to a request for an interview. He is speaking to staff today about the management changes, according to Kames spokesman Adrian Cammidge.
Bill Dinning quit Nov. 1 as head of investment strategy to become investment strategist for Coal Pension Trustees Services Ltd., which oversees funds for retired mineworkers, managers and staff. Kames is still in the process of replacing him, Cammidge said. Ian Cooke, head of U.S. equities, left in December and was replaced by Marcus Chandler.
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