Fidelity appoints leader for lower cost fixed income group

Costs_to_minimumFidelity International has appointed a former Schroders portfolio manager to lead a fixed income group that is planning to bring lower cost fixed income products to market.

Lucette Yvernault joins Fidelity in London as portfolio engineer and team leader for its newly formed fixed income portfolio engineering group (PEG).

PEG will design and manage fixed income portfolios for institutional investors globally that are “distinct from traditional alpha-generating portfolios” and available at a lower cost.

The portfolios will typically target modest alpha levels and the costs of the customised portfolios will vary depending on each client’s bespoke requirements, Fidelity told Funds Europe, adding it expected pricing to typically sit between that of traditional active fixed income and passive products that do not incorporate research and active decisions.

Yvernault was previously global credit portfolio manager at Schroders Investment Management. Before that she worked for Citigroup Asset Management as portfolio manager and vice president for pan-European and global credit.

She is one of two hires announced by Fidelity. The firm has also appointed Chris Forgan as co-portfolio manager within its 34-strong multi-asset team.

Forgan, who starts in September, joins from Henderson Global Investors and is the latest departure from the firm since it announced a merger with US-based Janus Capital.

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