People Moves

Absolute Return Boss Exits OMGI Over “Difference In Opinion”

Amisha Mehta Deputy Editor London 16 June 2016

Absolute Return Boss Exits OMGI Over “Difference In Opinion”

The asset management arm of the UK's Old Mutual Wealth has reshuffled its absolute return government bond team following the departure.

Russ Oxley is leaving Old Mutual Global Investors just over year after joining the company as head of fixed income absolute return.

Oxley joined in April last year with a fixed income team from Standard Life Investments' UK-based subsidiary, Ignis Asset Management, where he had spent 11 years. In October, OMGI launched a government bond fund under Oxley's leadership, with seed capital of £100 million ($142 million). 

According to Trustnet, the fund has delivered a cumulative performance of -0.8 per cent over the last six months, versus an absolute return average of 5.4 per cent. The fund, which surpassed assets of £500 million in its first two months, now manages £446 million.

Replacing Oxley will be Adam Purzitsky and Paul Shanta, who have been promoted to co-heads of the absolute return government bond team. The firm also appointed Mark Greenwood and Peter Meiklejohn to the team.

"Old Mutual Global Investors, part of Old Mutual Wealth, announces that, as a consequence of a difference in opinion regarding future strategic direction, Russ Oxley will leave the business with immediate effect,” said a spokesperson from the group.

“Old Mutual Global Investors would like to thank Russ for his valuable contribution in supporting the launch of the ARGB capability.”

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