Henderson's Ben Pakenham has joined City rival Aberdeen Asset Management as a portfolio manager and credit analyst on its high yield bond team.

Pakenham will report to head of European high yield Paul Reed and will help manage Aberdeen's range of high yield portfolios.

Reed said, 'With interest rates likely to remain relatively low, high yield bonds will remain attractive to investors searching for income.

'However, given the uncertain macro environment it is crucial to have the resources to identify those businesses able to weather challenging conditions.'

He added, 'We remain convinced that a bottom-up investment process, focused on rigorous, in-house research, will be key to driving total returns.'

Prior to joining Aberdeen, Pakenham managed the Henderson Extra Monthly Income Bond Fund and co-managed its High Yield Monthly Income and Fixed Interest Monthly Income funds.

He joined Henderson from New Star Asset Management in 2009, following the former's acquisition of the latter.

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