Omnis Investments has ditched Octopus Investments as the manager of its £270m multi-manager range and replaced it with Pinebridge Investments.
The loss of the mandate represents a big blow for the Octopus multi-manager team, which as of September 2019 ran £810m of client assets, according to the latest Omnis factsheets for the range. Octopus has been running the funds since launch in 2008.
Pinebridge, which manages $104.4bn (£77.5bn), will run the Omnis Adventurous, Balanced, Cautious and Distribution Funds from the start of October. Global head of multi-asset Michael Kelly and portfolio manager Hani Redha will manage the funds.
A press release said their appointment had followed a “competitive selection process”.
Pinebridge runs $14.1bn in multi-asset products with $5.1bn in multi-manager risk-rated funds. Its multi-asset clients include pension schemes, insurers, fund houses, investment consultants and financial advisers.
Omnis said Pinebridge takes an “intermediate-term perspective” of nine to 18 months and uses “dynamic asset allocation in response to changing risk-return dynamics”.
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