Industry Funds Management (IFM) has recruited an industry veteran from AllianceBernstein to its debt investments team.

Bruce Potts, former portfolio manager with AllianceBernstein, began work at IFM last Tuesday as co-portfolio manager of the manager’s $1.1 billion, multi-manager Alternative Fixed Income Fund.

Under an outsourced arrangement with IFM, he was portfolio manager of the fund during his long tenure at AllianceBernstein.

At IFM, he will work with Scott Barker to manage the fixed income fund and report to Robin Miller, executive director – debt investments.

“Both are managing different aspects of the fund,” Miller said. “Bruce has the grey hairs and experience; Scott is the rising star.”

The fund manages Australian debt instruments positioned at the lower end of investment grade.

It was developed in 1999, and its management outsourced to Potts at AllianceBernstein, when the infrastructure and private equity funds now run by IFM were part of the asset management division of Industry Fund Services.

“In 1999 IFS could build a product but needed an outsourced portfolio manager,” Miller said.

IFM began developing an in-house debt team in mid-2007.