Old Mutual Global Investors, the U.K. asset management arm of Old Mutual Wealth, announced Tuesday it had hired a trio of emerging markets equity managers with the aim of bringing in-house the management of a $244.6 million OMGI fund subadvised for the past six years by Fisher Investments.
Nick Payne joined OMGI in London earlier this month as head of global emerging markets, a Hong Kong-based spokesman for the firm said. Salman Siddiqui and Liz Fernandes joined as portfolio managers.
A news release Tuesday said pending regulatory approval, management of the Old Mutual Global Emerging Markets Fund would be insourced on July 21, 2017.
A Fisher spokesman couldn’t immediately be reached for comment.
All three previously worked together at Nomura Asset Management’s London office, where Mr. Payne served as head of emerging and frontier equities and Mr. Siddiqui was a fund manager, focused on frontier markets. Ms. Fernandez worked on Nomura’s global emerging markets equity desk, the news release said.
A spokeswoman for Nomura in London said Nomura closed down a number of small emerging markets equity funds at the end of 2016, and will not be looking to replace all three “at the moment.”
The OMGI news release said its new emerging markets equity team will run the Old Mutual Global Emerging Markets Fund as a “highly active, concentrated portfolio,” with the aim of reducing holdings “to around 30-40 stocks.”