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HY manager steps down from $1.4bn fund

HY manager steps down from $1.4bn fund

Sherif Hamid has relinquished his role on AllianceBernstein’s giant short duration high yield bond fund and left the company.

Hamid had worked for the US-based asset manager since 2013 and been named across six funds, which included four Ucits-compliant strategies.

He had worked alongside bond veterans Gershon Distenfeld, Ashish Shah and Ivan Rudolph-Shabinsky on the $1.47 billion AB SICAV I-Short Duration High Yield fund since May 2015.

This followed Hamid being assigned to replace sector stalwart Douglas Peebles, who stepped back having overseen the launch of the Luxembourg-domiciled fund in mid-2011.

In addition to this approach, Hamid also drops his role on the AB SICAV I-Euro High Yield alongside Distenfeld and Jorgen Kjaersgaard and the AB SICAV I-US High Yield Portfolio, which he runs with Distenfeld and Shah.

The AB SICAV I-Short Duration High Yield Bond fund returned 9.6% in US dollar terms over the three years to the end of October 2017. Its Citywire-assigned benchmark, the ICE BofAML Global High Yield TR EUR, rose 25.9% over the same period.

Additional reporting by Chris Sloley.

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