Scottish Widows Investment Partnership, part of Lloyds Banking Group, has promoted Dan Daldry to co-manager of the SWIP Absolute Return Bond fund.

Daldry has worked on the fund since March 2012 and will continue to collaborate with investment director and fund co-manager James Carver. The £120 million ($186.5 million) asset has achieved top decile risk-adjusted returns over a one and three year period.

The co-manager model capitalises on Daldry’s credit expertise and Carver’s strong track-record in foreign exchange, emerging markets and asset allocation, the firm said in a statement. It will also mean that the duo can source additional research and ideas from the wider Fixed Income team.

Daldry joined the firm in 2008 on the graduate programme, and has since worked across all areas of SWIP’s fixed income business. He has primarily overseen credit research in the financials sector.

As at 31 March 2013, SWIP had £149.3 billion funds under management.