OMGI brings Investment Grade Corporate Bond fund in house
Old Mutual Global Investors (OMGI), part of Old Mutual Wealth, has announced that it is bringing the management of the US$25.6m Old Mutual Investment Grade Corporate Bond Fund in house.
The fund, which is currently managed by Rogge Global Partners (Rogge), will be in-sourced from 3 November 2016, subject to regulatory approval. Lloyd Harris (pictured above), manager of the Old Mutual Corporate Bond fund will take over as manager supported by Harris co-manager Tim Barker, who is head of credit at OMGI.
Announcing the proposed change in a statement today OMGI said that the fund’s objective, to seek to achieve income and capital growth predominantly through investment in a well-diversified portfolio of credit securities rated investment grade, will remain the same under the new portfolio management team.
The fund has exposure to the global credit market, distinguishing it from the Old Mutual Corporate Bond fund, which primarily invests in corporate bonds issued in, or hedged back to, sterling.
Harris and Barker are both experienced credit managers, having both joined OMGI in 2012. Lloyd has successfully managed the Old Mutual Corporate Bond fund since December 2015. Barker has been head of credit at OMGI since December 2015 and currently co-manages the Old Mutual Monthly Income Bond Fund.
‘Expertise and experience’
Harris said: “As a team we have expertise and experience in managing credit portfolios of blue-chip multinationals. We will transfer this expertise to the management of the Old Mutual Investment Grade Corporate Bond Fund by utilising all the opportunities on offer in global investment grade credit.
“Now, more than at any other time, we believe it is crucial to get geographic credit allocation correct, as central banks around the world diverge in terms of monetary policy,” he said.
Warren Tonkinson, managing director, OMGI Rogge for managing the fund up until now but said that the firm has recently expanded its internal fixed income capability led by OMGI’s head of fixed income, Christine Johnson. This has included recent senior hires and promoting internal talent.
“We now manage a suite of products covering government bonds, emerging market debt and the global credit market. We believe that investors in the Old Mutual Investment Grade Corporate Bond fund are set to benefit from Lloyd and Tim’s knowledge and experience.”