The asset management division of Old Mutual Wealth has brought its emerging market debt fund in-house.

Old Mutual Global Investors has appointed its head of emerging market debt, John Peta, to take over as fund manager on the $168 million Old Mutual Emerging Market Debt Fund.

Peta, who joined the firm in March and has managed the $115 million Old Mutual Local Currency Emerging Market Debt Fund since April, will take over the fund from 21 January 2016, subject to regulatory approval. 

The fund is currently sub-advised by Stone Harbor Investment Partners. It will continue to invest in a diversified portfolio of fixed and variable rate debt securities issued in emerging markets.

Over one and three years, the fund has delivered a performance of 1 per cent and 0.3 per cent compared to sector averages of -2.45 per cent and -0.44 per cent respectively.

“John Peta has a great deal of experience managing emerging market debt funds, which investors in the Old Mutual Emerging Market Debt fund are set to benefit from. By increasing his flexibility to use derivatives, John will have greater freedom in his portfolio management style, something we believe will deliver additional client value,” said Warren Tonkinson, managing director at the firm.

OMGI had assets under management of around £22.2 billion ($33.6 billion) as of the end of September.