Old Mutual Asset Managers, the fund arm of the South African financial group, has hired Stephen Snowden as a replacement for the departing Richard Woolnough, manager of the firm's flagship £220m (€314m) corporate bond fund.

Snowden will report to Sofia Skalistiri, head of fixed interest and joins from Aegon Asset Management, where he has spent the past nine years. He replaces Woolnough, who is leaving to join M&G Investments, the European investment arm of Prudential, the UK insurer.