Steve Logan, who headed European high yield at Aberdeen Standard Investments (ASI), has joined the bond investing team at PGIM Fixed Income. Logan becomes portfolio manager in PGIM’s European leveraged finance team.
Logan has over 35 years in the industry and was head of a team at ASI that also invested direct lending.
In August 2020, Logan’s Global High Yield Bond fund at ASI was reportedly forced to close after redemptions. The closure followed a dispute between ASI and Scottish Widows. The dispute erupted after Scottish Widows, a rival insurer to Standard Life, wanted to transfer assets away from the firm after the Aberdeen/Standard Life merger.
Scottish Widows investment in the fund was reported to make up around 95% of the high yield fund’s assets, which totalled around £526.2 million (€578 million).
Logan had also previously been global head of high yield at Aberdeen Asset Management and high yield portfolio manager at insurance and pensions firm Scottish Widows Investment Partnership.
His hire is said to build upon PGIM Fixed Income’s London expansion, following the recent appointments of Eugenia Unanyants-Jackson as head of ESG research and Katharine Neiss as chief European economist.
Logan reports to Jonathan Butler, head of European leveraged finance and co-head of global high yield at PGIM.
PGIM’s fixed income business manages $946 billion of assets.
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