Michael J Smith has joined Avebury Asset Management, the London-based fixed income investment boutique, as a vice-president and portfolio manager.

He previously focused on managing global bond portfolios for SAMBA Capital Management, the asset management initiative of the Saudi-American Bank. Smith's new appointment sees him re-united with Michael Daley, founder of the firm, who recruited him in 1990 for Morgan Stanley Asset Management. Smith took over from Daley a year later as head of fixed income at the firm. Avebury was launched a year ago and has assets under management of $140m (€165.3m) , focusing primarily on US institutional investors.