Old Mutual Global Investors (OMGI) has announced that following a strategic review of its fixed income capability, it has been mutually agreed with Christine Johnson that the role of head of fixed income is no longer required.
The firm said Johnson will be leaving OMGI to pursue other opportunities and that it has no plans to replace her.
OMGI’s fixed income team has been much reshuffled during the last couple of years with the appointment of John Peta as head of Emerging Market Debt in March 2015, the promotion of Tim Barker to head of Credit in December 2015 and the appointment of Mark Nash as head of Global Bonds in June 2016.
OMGI’s fixed income desk has three core areas of expertise and tallies 10 investment professionals.
Johnson has reduced her fund-management responsibilities, handing over management of the Old Mutual Corporate Bond Fund to Lloyd Harris in December 2015 and the Old Mutual Global Strategic Bond Fund to Mark Nash and Nicholas Wall in August 2016, instead focusing on team management.
The two funds she co-managed will continue to be run by the current co-managers: the $110.6m Old Mutual Monthly Income High Yield Bond Fund by Bastian Wagner with Tim Barker appointed as co-manager, and the £135.1m Old Mutual Monthly Income Bond Fund by Tim Barker, with support from the global bond team.
The funds will not be impacted by Johnson’s departure.
Barker, Peta and Nash will report to Paul Simpson, OMGI’s director of investments.
Simpson commented: “OMGI’s fixed income team has been remodelled over the last two years, with a focus on hiring high-quality fund managers and promoting internal talent to ensure we now have clear areas of focus. This structure is pivotal to our investment philosophy that having specialists in each of the major areas of fixed income that work closely with one another is crucial to finding value in today’s increasingly interconnected markets.
“Having successfully implemented this strategy and built up a range of high-quality fixed income funds, Christine has accomplished her goals and leaves with our thanks and best wishes to pursue opportunities outside of the business.”