Andrew Korbel, formerly the head of currency and fixed income at Intech, started work at a major funds manager based in Melbourne yesterday.

Korbel started at Victorian Funds Management Corporation (VFMC) as portfolio manager of external mandates within the debt and absolute returns team, reporting to Paul Murray.

Justin Pascoe, chief investment officer at VFMC, said the manager’s debt and absolute returns portfolios accounted for one third of its approximately $31 billion in funds under management, and flagged further additions to the team responsible for these assets.

“Given the significant opportunities we still see in this area and our plans to increase our internally managed funds, we will continue to build our team as and when we are able to hire people of Andrew’s calibre,” Pascoe stated in an e-mail.

Last month, Korbel ended a 13-year tenure at Intech, in which he worked as a senior investment consultant before becoming head of currency and fixed income.

Anthony Serhan, managing director of Intech, said the multi-manager was still searching for a replacement for Korbel.