Aviva Investors has named Caroline Hedges as its new head of credit, following the promotion of Colin Purdie to chief investment officer for liquid markets in June.
Previously, Hedges, who joined Aviva's London operations in 2006, was a portfolio manager at the asset manager, covering money market and short duration bond funds before more recently becoming head of liquidity and securities finance.
She had also managed its Sterling Liquidity Plus fund.
Hedges will now lead teams across investment grade and high yield credit, as well as emerging market debt, liquidity, and securities finance,
Commenting on the appointment Purdie said: 'Caroline has been part of my leadership team for the past three years, during which time our third-party liquidity business has grown from £3 billion to £10 billion.
'She has a clear strategy to take the credit business forward, based on performance, culture, process, a well-defined approach to ESG and appreciation of the competitive environment.'
Hedges, who began her investment career in 2003, now leads the team's work in investment grade and high yield credit, as well as in emerging market debt, liquidity, and securities finance.