Fidelity Worldwide Investment has poached Royal London Asset Management bond manager Sajiv Vaid.
The Citywire AA-rated manager will join in August and work alongside Ian Spreadbury as co-manager of the £3.4 billion Fidelity MoneyBuilder Income and £472 million Fidelity Extra Income funds. Spreadbury will continue to be named as lead manager.
Vaid spent 15 years at Royal London, managing a number of bond funds, including the £769 million Royal London Corporate Bond fund.
RLAM has confirmed that its head of fixed income Jonathan Platt, who is co-manager on the Royal London Corporate Bond fund, will assume sole management of this fund and take over day-to-day management of Vaid's other portfolios.
In January, RLAM hired from Fidelity with multi-asset head Trevor Greetham joining after a nine-year stint with Fidelity.
Fidelity global chief investment officer of fixed income Andrew Wells said: 'Our fixed income team and franchise continues to go from strength to strength in terms of both performance and capability.
'The arrival of someone of Saj’s calibre is testament to this and a clear signal of how we will continue to develop our fixed income business by developing our own talent, and hiring the best from the market at the same time.'
RLAM chief investment officer Piers Hillier said: 'Sajiv Vaid is leaving to pursue a new role after 15 years at RLAM. We wish him all the best in his future career.'
He added: 'RLAM’s collegiate approach means that other managers and investment specialists are well-positioned to continue managing the portfolios affected.'