Kapstream Capital, an absolute return fixed income boutique, has appointed a new portfolio manager to its team.

Mark Mitchell will join from Colonial First State Global Asset Management (CFS GAM), where he worked for six years as a credit analyst and portfolio manager, helped manage $20 billion in assets, and was responsible for providing global coverage of the utilities, metals, mining and transport sectors. He also covered the automobile, defence, industrials and forestry sectors while at CFS GAM. Before his tenure at CFS, Mitchell was a high yield credit analyst for Banc One Capital Markets in the US. Beginning at Kapstream on September 22, Mitchell replaces a former senior trader with the boutique, Stephen Mackie, who left for Citi in April. A spokesperson for CFS GAM said the business was searching for a replacement for Mitchell. Earlier this month, the Kapstream Absolute Return Income Fund was judged Best Emerging Manager at the 2008 AIMA Australia Hedge Fund Awards.