London-based fund manager Threadneedle Asset Management hired five people from Babcock & Brown's ABS bond unit.
Threadneedle, which oversees 55 billion pounds ($77 billion) and which is owned by Ameriprise Financial, hired fund managers in Brisbane including Steven Fleming and Ashley Burtenshaw, according to published reports.
Threadneedle will also take over $1.8 billion of assets from Babcock & Brown, the Australian investment firm thats trying to reorganize its debt, the report said.
Babcock & Brown,is currently discussing a debt-for-equity swap considering the worldwide credit crunch.
Threadneedle last year hired Andrew Bristow from Goldman Sachs Group to head its ABS investments in London.
