Payden & Rygel Global, the London-based subsidiary of global investment management firm Payden & Rygel, is expanding its client management team. The firm has added more than $1 billion in assets under management in the past 12 months due to high demand for fixed income strategies in the U.K. and Europe.

"With a number of European countries expanding the allowable investment securities for institutions to high-yield global bond portfolios as well as other specialized strategies, we are encountering an increased demand for customizing these strategies in Europe," said Joan Payden, president and CEO of Payden & Rygel.

Robin Creswell, who has served as managing director of Payden & Rygel's London office since it was established in 1999, has been elected managing principal of the parent company, but will continue to work in the London office, according to a spokeswoman for the firm.

Mark Morris will take over for Creswell as director. He joins Payden & Rygel Global from Credit Suisse Asset Management in London, where he served as managing director of the firm's global fixed income team.

In addition, the London subsidiary has added Alverne Bolitho, who will serve as director of client services, and Catherine Mayhew, who will be an assistant business developer, the spokeswoman said.

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