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Cowley Leaves Old Mutual Global Investors Amid Fixed Income Overhaul

Amisha Mehta Reporter London 21 April 2015

Cowley Leaves Old Mutual Global Investors Amid Fixed Income Overhaul

Stewart Cowley is set to leave Old Mutual Global Investors, the asset management arm of the UK's Old Mutual Wealth, amid an overhaul of its fixed income fund management team.

Fund manager Stewart Cowley is leaving Old Mutual Global Investors after six years, in a shake-up of the firm's fixed income team.

Cowley will leave in June following a restructure of Old Mutual Global Investors' 20-strong fixed income department, which will now be divided into two teams. These will be absolute return/rates and liability-driven investment, headed by Russ Oxley, and total/relative return, led by Christine Johnson.

John Peta and Johnson will take over the management of Cowley's Old Mutual Global Strategic Bond fund. The £580 million ($865 million) fund lost 2.5 per cent over 2014, compared to the sector's average return of 4.8 per cent, according to data from FE Analytics.

The announcement follows the recent arrival of Oxley along with his fixed income absolute return team from Ignis Asset Management.

“I am grateful to Stewart for the guidance and stewardship he has given to Old Mutual over the last six years and for the commitment he invested in building our powerful fixed income capability,” said chief executive at Old Mutual Global Investors, Julian Ide.

“He has made a vital contribution to our management teams over many years, and particularly since I joined the company.”

The restructure will also see Hinesh Patel, who has supported Stewart Cowley on the Old Mutual Global Strategic Bond fund over the last six years, become co-manager alongside Johnson.

Meanwhile, Lloyd Harris, who has worked in the fixed income industry for 13 years and joined OMGI three years ago as a senior credit analyst, will become co-manager of the £550 million Old Mutual Corporate Bond fund alongside Johnson.

Additionally, Oxley will hand over the reins of his £190 million Old Mutual Managed fund to Anthony Gillham and Lee Freeman-Shor, deemed “a more natural fit” for the multi-asset fund.

As of the end of 2014, Old Mutual Global Investors managed £21 billion of assets.

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