Jim Leaviss, the chief investment officer of M&G's fixed income division and a Citywire A-rated investor, has announced his retirement from the financial industry after 27 years with M&G. Leaviss plans to pursue a master’s degree in art history, stepping down from his role and co-manager position on the M&G Global Macro Bond fund. His departure leaves a significant gap in the fixed-income sector, as he was instrumental in building M&G's £139 billion bond platform and pioneered the concept of the "Bond Vigilantes" blog, launched in 2006.
Andrew Chorlton, previously the head of bonds at Schroders with 25 years of experience, has been appointed as Leaviss's replacement, taking over as chief investment officer of the fixed income division. Leaviss will remain in his post until the autumn to facilitate a smooth transition. Meanwhile, Eva Sun-Wai, who co-managed the M&G Global Macro Bond fund with Leaviss since 2021, and Rob Burrows, manager of M&G's Global Bond fund, will become co-lead managers of the Global Macro Bond strategy starting August 1.
Leaviss's impact extends beyond his direct investment roles; he was an early adopter of engaging with the public through his Bond Vigilantes blog, where he discussed significant market events like the 2008 financial crisis, the Eurozone debt crisis, and recent inflation trends. Despite his considerable influence, the M&G Global Macro Bond fund, which he co-managed, has seen an 11.7% loss over the past five years, ranking 55th out of 56 funds in Citywire’s Global Flexible Bonds sector.
Industry analysts and fund managers acknowledge Leaviss's unique macroeconomic approach but struggle to identify direct replacements for his distinct style, as many bond managers have faced challenges recently. While some suggest staying with M&G due to the strength of the team and the promotion of Sun-Wai and Burrows, others point to alternative funds such as Pimco Income, Invesco Tactical Bond, Nomura Global Dynamic, AXA Global Strategic Bond, and Morgan Stanley Global Fixed Income Opportunities as potential options for investors seeking flexible and benchmark-agnostic strategies.
