Old Mutual Asset Managers (OMAM) has confirmed the appointment of Christine Johnson as manager of its £520 million Old Mutual Corporate Bond Fund.

Johnson (pictured), who already manages the Old Mutual Dynamic Corporate Bond Fund, had been acting as interim manager since April this year.

The group said that Johnson would continue to run the fund using a team-based approach with the focus on managing a lower risk portfolio to deliver an income for investors.

The fund will remain at least 80 per cent invested in investment grade bonds and 100 per cent hedged into sterling.

Stewart Cowley, head of fixed income at OMAM, said that Johnson’s appointment would give ‘clarity to our clients’.

The team behind the fund includes investment grade and high yield specialists, while Johnson will also be supported by the company’s government bond, currency and macro specialists.

She commented, ‘These are challenging times, but our team is very well positioned to take advantage of the diversity of opportunities in credit, utilising the full strength of the OMAM fixed interest team.’

Johnson continued, ‘The fund remains defensively positioned given the current risks in Europe and the financial sector. However, we believe there are strong areas of value in corporate bonds in core sectors, especially outside Europe.’

Cowley recruited Johnson from Halbis Capital Management in September 2010. Prior to that, she was at Investec Asset Management.