Omnis Investments has dumped Schroders as the manager of the Omnis Global Bond fund and is replacing it with Western Asset Management, a specialist investment manager of Franklin Templeton.
The appointment is effective immediately with Gordon Brown, co-head of global portfolios and portfolio manager Richard Booth among the investment team that will run the portfolio.
Brown and Booth takeover from Schroders head of fixed income Paul Grainger. Over five years, the £604m fund has returned 5.18% compared to 5.63% in the ICE BoAML Global Broad Market TR Index.
Omnis chief investment officer Robert Jeffree (pictured) said: “We are excited to be working with a new investment manager and are confident Western Asset Management will deliver value for advisers and their clients invested in the Omnis Global Bond Fund.”
Western Asset Management are fixed-income specialists with a long history of investing in global fixed-income markets, Jeffree said. The $483.5bn asset manager, headquartered in California, has a global investment team of 132 professionals across seven offices and five continents.
In a press release, Omnis said its role as authorised corporate director enabled it to appoint new managers on its funds without advisers or their clients needing to take any action.
See also: Segregated mandates fail to save SJP and Omnis from Woodford hit
