Old Mutual Global Investors has appointed former Threadneedle fund manager John Peta to lead its emerging market debt team.

Old Mutual Global Investors, part of the UK's Old Mutual Wealth, has hired John Peta as head of emerging market debt.

Peta was previously a fund manager and co-head of emerging market debt at Threadneedle Asset Management. Since he began his career in fixed income almost 30 years ago at Merrill Lynch, he has worked on emerging market debt products at Standish Asset Management and Acadian Asset Management.

In the newly created role, Peta will lead the $150 million Old Mutual Local Currency Emerging Market Debt Fund from 20 April, reporting to OMGI's head of fixed income, Christine Johnson.

The firm said it would review the management of the $250 million Old Mutual Emerging Market Debt Fund, which is currently sub-advised by Stone Harbor Investment Partners. Last year, the fund delivered a performance of 1.41 per cent, underperforming its JP Morgan EMBI Global Diversified benchmark of 7.43 per cent.

“We are delighted that John has joined us as his wealth of fixed income and emerging market debt knowledge will greatly enhance our investment capabilities,” said Johnson in a statement.

“Whilst we are looking forward to working with John, we would like to take this opportunity to thank Stone Harbor for their support in managing the Old Mutual Local Currency Emerging Market Debt Fund and for continuing to work with us on our hard currency fund, the Old Mutual Emerging Market Debt Fund.”

Old Mutual Global Investors currently manages £21 billion of assets and generates 20 per cent of its revenues from outside the UK.