Kansas-based American Century Investments, the privately-held asset manager, has added to its international credit team with the promotion of Simon Chester to the role of portfolio manager in London, following ACI’s receipt of regulatory approval from the UK’s Financial Services Authority to manage investment portfolios from its London office.

Chester joins senior portfolio manager John Lovito and portfolio manager Federico Garcia Zamora on the London-based international fixed income team, which invests in corporate securities outside of the US. He moved to the firm in 2010 from Western Asset Management, and works with American Century’s US credit team to identify relative value opportunities between the US and Europe.

"The extension of our portfolio management capabilities to our UK operation is an important development in our international expansion and will enable us to significantly enhance the investment opportunities we offer to our growing investor base outside the US,” said Michael Green, the firm’s senior vice president and head of global client relationships.

Earlier this month it emerged that Canada-based CIBC is planning to acquire a 41 per cent interest in American Century Investments, in a deal worth around $848 million. In taking over the minority interest, CIBC is buying out JP Morgan Chase & Co’s share in ACI, which manages around $112 billion in assets.