It has been announced Sajiv Vaid will step down as manager of the Royal London Corporate Bond Fund and will leave Royal London. The fund has therefore been removed from the Wealth 150 list of our favourite funds for new investment.
Following his departure Jonathan Platt, Head of Fixed Income at Royal London, will be appointed sole manager of the fund. Jonathan Platt is the fund’s existing co-manager alongside Sajiv Vaid and has been co-manager since launch in 1999. He will continue to have the backing of Royal London’s 20-strong fixed interest team and will maintain the fund’s long-standing investment process.
While we view Jonathan Platt as a highly experienced and talented fixed income manager, we feel it is prudent to remove the fund from the Wealth 150 at this time. Since joining in 2001, we feel Sajiv Vaid has played an increasingly important role in the fund's management and it is disappointing to see Royal London lose a valuable resource. The group will look to hire a new member to join the team in due course, although it has not been confirmed whether the new recruit will have any direct fund management responsibilities. We will continue to monitor the situation and inform investors if our views change.
Upon leaving Royal London, Sajiv Vaid will join Fidelity Worldwide Investments. The move is expected to take place at the end of July 2015 and he will become co‐manager, alongside Ian Spreadbury, of the Fidelity MoneyBuilder Income and Fidelity Extra Income Funds.