Senior AllianceBernstein portfolio manager Paul DeNoon is to retire from the firm in January of 2020, according to an internal memo seen by Wealth Manager's US sister title Citywire Professional Buyer.
DeNoon, a partner at the New York-based money manager, has been at AB for 26 years.
The UK-listed Ucits funds on which he is a named manager include:
- AB Global High Yield (£15.2 billion)
- AB American Income portfolio (£8.1 billion)
- AB Emerging Markets Debt (£661 million)
He will remain a named manager on all his current funds until the end of 2019, the memo said.
An AB spokeswoman declined to comment.
‘Paul will continue to work with the portfolios’ experienced teams to complete the transition process over the next year. Our team-oriented approach has given us a track record of very competitive, long-term performance across our various strategies, and helps to ensure that changes to our portfolio teams are seamless,’ the memo said.
DeNoon (pictured above) currently has a Citywire + rating for his risk-adjusted returns across the US-domiciled funds he manages.
The AB Global Bond fund’s 6.7% total return of over the past three years outstrips the average Global Income Bond portfolio (6.3%) and ranks DeNoon 31st out of 77 managers in the category.
AB has in its fixed-income leadership team in recent months. Its global head of fixed-income product management, Meghan Dacey, has left the firm, as Citywire previously reported, while DeNoon's fellow bond manager Ivan Rudolph-Shabinsky is also to retire after 26 years at the firm.
The firm is preparing to from New York to Nashville, with the move picking up in earnest in the first quarter of 2019 as around 1,050 jobs become affected. AB's investment team will remain in New York.
An AB spokeswoman previously told Citywire that total headcount was up 1.7% in the US as of early September, with the company adding 44 net new hires in 2018.