Madeline Forrester has quit as head of Axa Investment Managers’ UK institutional business to take a similar position at MFS Investment Management, as the US-based fund manager looks to expand in fixed income.

MFS was keen to hire Forrester to develop its UK institutional business following the departure of Annie Healy, who is now head of business development at professional trustees firm BESTrustees, according to a person familiar with the situation. Healy left MFS last November.