Christine Johnson, head of fixed income at Old Mutual Global Investors, is to leave the company, in the wake of a strategic review, OMGI has said.
In announcing Johnson’s departure this week, Old Mutual Global Investors, the investment arm of Old Mutual Wealth, said the review had resulted in a number of senior appointments that meant that her role as head of the team was no longer necessary. It said the departure had been by mutual agreement.
Over the past two years, the company’s appointments to its fixed income operation have included John Peta, as head of emerging market debt, in March 2015, and Tim Barker, who was promoted to head of credit in December, 2015. In June of last year, Mark Nash was named head of global bonds.
The two funds Johnson retained co-management responsibilities for until now will, OMGI said, continue to be run by their current co-managers: the US$110.6m Old Mutual Monthly Income High Yield Bond Fund, managed by Bastian Wagner with Tim Barker appointed as co-manager; and the £135.1m Old Mutual Monthly Income Bond Fund, managed by Tim Barker, with support from the global bond team.
OMGI said there would be “no change to the investment objective or policies of these funds”.
Johnson joined Old Mutual in September 2010, and was named head of fixed income in October 2013.
In a statement accompanying the announcement of her departure, Johnson noted that her tenure at OMGI saw the creation of “a highly experienced and successful fixed income desk”.
“With the team in place for nearly nine months, a head of fixed income is no longer required,” she added.
“Therefore, I believe now is the right time for me to move on and explore alternative opportunities. I am confident that the team will continue to deliver for investors, and I wish them, and the business, the best for the future.”
As reported here last year, Nash joined Old Mutual Global Investors from Invesco Perpetual, where he had been head of global multi-sector portfolio management, and was, OMGI said, in line to become the lead manager of the asset manager’s Strategic Bond fund, taking over from Johnson and Peta.
With Johnson’s departure, Nash, Barker and Peta will report to Paul Simpson, OMGI’s director of investments.
Last March, as reported, Old Mutual plc, the London Stock Exchange- and Johannesburg Stock Exchange-listed parent of Old Mutual Wealth, announced its plans to split its operations into four core entities, to save on operating costs, following a strategic review. As part of this plan, it proposed listing Old Mutual Wealth separately on the London and Johannesburg exchanges.