Invesco’s former co-head of high yield Darren Hughes has resurfaced within the portfolio management team at the Employees Retirement System of Texas, Citywire Selector has learned.
Hughes stepped down from Invesco after 20 years within its US operations at the end of last year.
He had overseen a suite of funds with more than $5 billion in assets at the time of his exit. His move resulted in several fund managers being assigned to funds in order to support his former co-head of high yield fixed income, Scott Roberts.
It is understood Hughes formally joined the Employees Retirement System of Texas (ERS) in September of this year but this was not communicated to the public. He is named as a portfolio manager within its investment unit.
The ERS administers retirement benefits on behalf of workers based in Texas and has around $25 billion in assets under management.
In joining ERS, Hughes is reunited with Peter Ehret, who was formerly head of high yield at Invesco before moving across in 2012. He has served as head of internal credit at the pension fund since 2013.
Citywire Selector profiled the CIO of ERS, Tom Tull, in early 2014. In the interview, Tull discussed the pension fund’s targets and how, at that time, he had reduced fixed income allocations as a means of reducing risk.