Cowley to depart as omgi shakes up fixed income offering

Stewart Cowley will leave Old Mutual Global Investors at the end of June 2015; as the group shifts its fixed income capability to the team-based approach.

Cowley to depart as omgi shakes up fixed income offering


The move follows the arrival of Russ Oxley, who joined from Ignis earlier this month, and whose approach OMGI’s new setup aims to mirror.

According to Old Mutual, Cowley who joined Old Mutual in 2009 from BNY Mellon made the decision to leave as he feels “now is the right time to step aside to clear the way for the team to take the fixed income area at OMGI forward to the next stage of development.”

The arrival of Oxley and his team, who were hired from SLI in October last year, but only arrived in April this year, means the firm now has a 20-strong fixed income capability with two distinct teams.

“The two teams (Absolute Return/Rates and LDI – headed by Russ Oxley and Total/Relative Return – headed by Christine Johnson) will harness the skill set of each other’s experience continually, there will be synergies but the end result will be independent,” the firm said.

But, the firm said, there remains no house view and, while the two teams will work collaboratively, each team will manage their respective funds in line with their own investment process.

As a result of the move Cowley will hand over fund management duties on the Old Mutual Global Strategic Bond Fund to John Peta and Christine Johnson; management of the Old Mutual Managed Fund will be taken over by Lee Freeman-Shor and Anthony Gillham and the Old Mutual Global Bond Fund will be managed by Hinesh Patel and Christine Johnson.

Julian Ide, CEO at Old Mutual Global Investors said: 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…I believe that we now have one of the industry’s most powerful fixed income capabilities led by two highly experienced fixed income leaders, Christine and Russ.

Ide, added that he was also pleased to be able to provide career growth opportunities to Patel, who has been promoted to co-manager on the Old Mutual Global Bond Fund after having supported Cowley on it for six years and to Harris, who becomes co-manager of the Old Mutual Corporate Bond Fund alongside Johnson. Patel was previously a senior credit analyst at the firm.

Strategic Bond Fund

With regards to how the moves will affect the firm’s Strategic Bond Fund that Cowley managed, OMGI said: “The new managers, John Peta and Christine Johnson, offer a marriage of two skill sets in one strategy. John brings a wealth experience from managing global fixed income and emerging market debt strategies for over 28 years.”

According to the firm, over the past six years Cowley’s role in the media and fund management has broadened and he plans to explore this going forward.




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