An $11 billion fixed income boutique has appointed a chief executive, as it builds its team. : The board of Ardea Investment Management has selected co-founder Stephen Clout as the firm's chief executive. Alexander said the elevation of Clout will enable him and the rest of the investment team to maintain their focus on investing, without being distracted by business management. The Ardea Real Outcome Fund is the top performing absolute return fixed income strategy in the Mercer Survey of Australian Absolute Return funds over three and five years, as at the end of February 2019.