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 that’s 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.



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