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Josh Crabb and team to exit OMGI

Josh Crabb and team to exit OMGI

Old Mutual Global Investors (OMGI) is awarding the management of its two Asian equity funds, currently managed from Hong Kong, to its global equities desk, headed by Citywire AA-rated Ian Heslop.

Both the Old Mutual Pacific Equity fund and Old Mutual Asian Equity Income fund is currently managed by Asian equities head Josh Crabb, and his equities team.

As a result of this change, Crabb and the Asian equities team will be leaving the business in May to pursue other opportunities.

‘As a part of our regular fund review process we look to identify opportunities to add value for clients,’ said Warren Tonkinson, managing director of OMGI.

‘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,’ he added.

Over three years to 31 March 2018, the Old Mutual Pacific Equity fund returned 16.4% against the benchmark (MSCI AC Asia Pacific Ex Japan TR USD) return of 26.2%. As of end March, the fund had $171.3 million assets under management (AUM).

The Old Mutual Asian Equity income, on the other hand, over three years to 31 March 2018, returned 17.2% against the benchmark (MSCI AC Asia Pacific Ex Japan TR USD) of 26.2%. The fund size was $395.3 million as of end March.

Following the change, the investment approach of the funds will be amended to reflect the systematic investment process employed by the global equities team, OMGI said, adding that there will be no change to either fund’s objective or ongoing fees.

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.

Scheduled to take on management of the funds on 18 May, the global equities desk currently manages the UK-domiciled Old Mutual Asia Pacific fund.

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