Old Mutual Global Investors hired a team of six to launch and manage a set of absolute-return funds, said a spokeswoman.
The positions are new and the six-member team will join from Standard Life Investments next year.
Russ Oxley will become head of fixed income — absolute return. He will report to Julian Ide, CEO of Old Mutual Global Investors. Also joining are Huw Davies, Joshua Heming, Adam Purzitsky, Paul Shanta and Jin Wong. The spokeswoman said their roles have not yet been announced, but will probably be similar to their former titles.
The £17 billion ($27.1 billion) money manager will also open an office in Edinburgh where the team will be based.
“We have always said that we will hire new talent where we have gaps in our investment capabilities and where we see future growth opportunities,” said the spokeswoman in an e-mail. “Absolute return fits this bill.” The firm currently has a nine-strong fixed-income team. The spokeswoman added that there are no more pending appointments for the fixed-income team.
The team was previously at SLI, joining when the firm acquired Ignis Asset Management in March. Mr. Oxley was head of rates at Ignis Asset Management. Mr. Davies was a fixed-income product specialist. Mr. Heming was a quantitative portfolio manager on the rates team. Mr. Purzitsky was a senior quantitative portfolio manager on the rates team. Mr. Shanta was co-manager of the Ignis Absolute Return Government Bond fund; and Mr. Wong was a portfolio manager in the fixed income — absolute return team.
“Several members of the Ignis rates team have chosen to leave the company,” said a spokeswoman for SLI, in an e-mail. She referred to a news release dated Monday from SLI, which said the manager was embedding Ignis’ alternative rates capability within SLI, “positioning it alongside the successful multiasset franchise.” Further details were not available by press time.