Aberdeen Asset Management chief executive and head of fixed income for Australia Bill Bovingdon has left the company after a restructuring of the management team, Aberdeen announced today.
Chief operations officer Brett Jollie will take over the responsibilities as head of the Australian business, while former Credit Suisse staffer Victor Rodriguez has been appointed head of fixed income.
The departures follow the acquisition of Credit Suisse Asset Management's (CSAM) traditional fund management business in May this year.
Jollie has spent ten years at Aberdeen and managed the integration of CSAM.
"Brett has played an instrumental role in the past several months and the logic of separating overall responsibility for the business side from portfolio management has become more compelling," Aberdeen Asia managing director Hugh Young said.
Portfolio manager Gavin Goodhand has also left the firm, while Singapore-based Robert Mann will depart at the end of the year.
Rodriguez will head a team of 11 fixed income investment professionals, overseeing $17 billion of combined fixed income assets.
"It has become increasingly clear in the past couple of months that the Credit Suisse imprint in our investment process has become stronger," London-based Aberdeen global head of fixed income Paul Griffiths said.
"Aberdeen's expertise is centred more on credit, and our intention all along has been to combine the best of both businesses, and we have done that."
"The result is evidenced in continued good performance in funds that have transferred and a pick up in performance of all funds."
Standard & Poor's has placed Aberdeen's Australian Bond Fund and Income Fund on hold following the announcement.
S&P will review the funds' "On Hold" status in November when it commences its 2009 Australian fixed interest sector review.
