Asset manager Franklin Templeton has hired Rod MacPhee as a European fixed income portfolio manager for its London office, Citywire can exclusively reveal.
The hire, which took place at the end of August, is the first major addition to the team since the appointment of Zahn as head of European fixed income in April.
Speaking at a press conference in London on Tuesday, Zahn said that the yield on German and French government bonds have fallen too far, allowing the bonds to look expensive compared to Italian and Spanish debt.
At the end of September, the Templeton European Total Return Bond fund, which is co-managed by Beck and Zahn, had 16.4% invested in French bonds compared to 22.27% of its benchmark.
German bonds made up 4.6%, which compare to the benchmark allocation of 20%. Italian debt comparatively made up just more than a fifth of the fund.
A comparison with the August fact sheet, shows that positions in German and French bonds had been slightly reduced in the fund in September.