Philippe Lespinard, who left hedge fund giant Brevan Howard in the spring after two years of mixed fortunes in the division he led, has resurfaced at venerable UK fund manager Schroders.

Lespinard will become fixed-income chief investment officer at Schroders on November 1, reporting to Karl Dasher, head of fixed income. It is the first time Schroders' fixed-income team has had a CIO role distinct from Dasher's, and he said today it was thanks to the growth of the fixed-income operation that he had brought Lespinard in.