Aviva Investors has appointed Caroline Hedges as head of credit, following the promotion of Colin Purdie to chief investment officer, liquid markets.

Ms Hedges will lead teams across investment grade and high yield credit, emerging market debt, liquidity and securities finance. She takes on the new role from her position as head of liquidity and securities finance and sterling liquidity plus portfolio manager. Prior to this, she was a portfolio manager for a range of Aviva Investors money market and short duration bond funds.

Mr Purdie said: “Caroline has been part of my leadership team for the past three years, during which time our third-party liquidity business has grown from £3 billion to £10 billion. She has a strong focus on commercialising our capabilities, rigorous focus on performance and ability to work effectively with the investment and sales teams. She has a clear strategy to take the credit business forward, based on performance, culture, process, a well-defined approach to ESG and appreciation of the competitive environment.”