Abrdn has announced a series of internal promotions in its £130 billion fixed income investment team as Craig MacDonald, Global Head of Fixed Income, leaves the Edinburgh investment group to pursue postgraduate studies in philosophy after 22 years with the business.
MacDonald will work in the business as a senior adviser well into next year to ensure a smooth transition.
Jonathan Mondillo is now Global Head of Fixed Income and Marianne Zangerl is Deputy Global Head of Fixed Income and Head of ESG, Fixed Income.
“Jonathan steps up from his role as Head of US Fixed Income, having overseen all public and private fixed income teams in the region,” said Abrdn.
“Marianne has been Head of ESG, Fixed Income, with a background in private credit. She will continue to manage client money and drive forward Abrdn’s sustainability strategy.”
Felix Freund, Head of European Credit, takes on an expanded role as Head of Developed Market Credit.
“As well as managing the Global Credit Team, he will continue to lead the European Credit team,” said Abrdn.
Daniel McKernan takes on an expanded global role leading credit solutions for insurers as well as sterling credit, as Global Head of Fixed Income Insurance Solutions. The rest of Abrdn’s Fixed Income leadership team remain unchanged.
Abrdn Investments CEO Rene Buehlmann said: “Our Fixed Income team has significant scale, and a strong track record of performance across credit, government bond and money market funds in both developed and emerging markets.
“The very best talent in the market can often be home grown, and we are incredibly proud of our internal talent and leadership team, who have an average tenure of 17 years.
“Jonathan Mondillo brings the breadth and depth of experience that our clients have come to expect from this key leadership role, spanning Investment Grade Credit, High Yield Credit, Municipals, and US Private Placements.
“The creation of a dual role of Deputy Global Head of Fixed Income and Head of ESG, Fixed Income, highlights the importance, we believe, of assessing material risks and opportunities when investing to drive returns for our clients.”
Abrdn Investments chief investment officer Peter Branner said: “After 22 years at the company and 28 years in financial services, we thank Craig for his commitment and dedication to helping build the strong Global Fixed Income business that we have today.
“It is an incredible testament to Craig’s team building and talent management skills that we have been able to work on a carefully managed succession plan, which focuses on the development and retention of our in house, top industry talent.”
Mondillo said: “I am excited to lead a highly talented and successful team of experienced investment managers. I thank Craig for his guidance over the years and look forward to his wise counsel over the coming months as we transition the team.”
Abrdn said its fixed income team has about 140 investment professionals globally and manages over £130 billion, including private credit, for clients.
Abrdn as a group manages and administers £505.9 billion of assets. Its investments business manages £369.3 billion on behalf of clients — including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices.