Old Mutual Global Investors’ two Asian equity funds, currently managed from Hong Kong, will be run by the firm’s global equity team headed by Ian Heslop (pictured) as from 18 May 2018, the company announced.
Therefore Josh Crabb and the Asian equities team will exit OMGI in May while Hong Kong will remain a core distribution centre for OMGI.
It is understood the change follows a fund range review, during which OMGI concluded that investors in the Old Mutual Pacific Equity fund and the Old Mutual Asian Equity Income fund, worth $179.7m (€145.3m) and $420.7m (€340.1m) respectively as of 28 February 2018, will benefit from the management of OMGI’s global equities team.
The UK-domiciled Old Mutual Asia Pacific fund is already managed by the global equity desk.
In light of the change, the investment approach of the funds will be amended to reflect the systematic investment process employed by OMGI’s global equities team, whereby stocks will be assessed in terms of the attractiveness of their valuation, quality, price trends, stable growth prospects, sentiment and company management, as opposed to the current bottom-up approach.
Thought OMGI specifies the funds’ objective and ongoing fees will remain unchanged.
Warren Tonkinson, managing director, OMGI, commented: “As a part of our regular fund review process we look to identify opportunities to add value for clients. We are confident that investors in the Old Mutual Pacific Equity fund and the Old Mutual Asian Equity Income fund will benefit from the vast experience of the global equities team, who have consistently demonstrated outperformance in this asset class.”