The investment house launches an offshore equity fund and reviews an onshore vehicle.

Old Mutual Global Investors announced today its intention to launch on offshore portfolio called the Old Mutual Global Equity Income Fund during this summer. The fund will be a sub-fund of the Dublin-domiciled Old Mutual Global Investors Series umbrella fund.

The fund will be managed by the lead manager Ian Heslop with Amadeo Alentorn and Mike Servent. The investors will be supported by two analysts, Yuangao Liu and Matus Mrazik, and investment director Justin Wells.

The objective of the fund will be to achieve a total return through a mix of income and capital growth and target dividend yield and capital growth through a diversified global equity portfolio. Its monthly income will be targeted at 30 per cent above the benchmark set by MSCI’s All Countries World Index, the firm said in a statement.

OMGI is also, it said, reviewing the UK-domiciled Old Mutual Global Equity Income Fund which is sub-advised by O’Shaughnessy Asset Management. This fund has, according to the Trustnet website, lagged the Global Equity Income benchmark over the past five years.

Last month Old Mutual Global Investors hired Bill Gross to take over its $272 million Old Mutual Total Return USD Bond Fund, as it switched its advisor from PIMCO to Janus Capital. OMGI has assets under management of £22.5 billion ($35.1 billion) as of 31 March.