Kevin Perry, a longstanding portfolio manager at US bonds house Loomis Sayles, is standing down after 37 years in the industry.

Loomis Sayles, which manages $240bn and is owned by French bank Natixis, hailed Perry as a “pioneer” and one of the first fund managers to buy into bank loans in the 1990s. With his colleague John Bell, Perry oversees funds worth $10.7bn.