The London-based bond manager Balls, who was handed the fund in January 2010, has been replaced on the portfolio by Lorenzo Pagani. Both Pagani and Balls are fund managers at Allianz subsidiary PIMCO.
A spokesperson for Allianz GI told Citywire Global the change would not impact the approach or investment policies of the fund but was done to reflect the client base.
‘Since the investor base of Adirenta is mainly in Germany, it made sense to ask Munich-based Lorenzo Pagani to take over the funds’ portfolio management,’ the spokesperson said.
Pagani will combine management of the fund with three existing bond funds under his control, while Balls retains the running of seven separate fixed income portfolios.
During Balls' three-year tenure the Adirenta fund has returned 21.33% to the end of January 2013. This compares to its Citywire benchmark, the REXP TR, which rose 15.77% over the same period.
This move sees existing Stahlhacke take control of the funds from current lead manager Giorgio Carlino who has taken on a new assignment for Allianz GI in the United States.