Old Mutual Global Investors (OMGI) is set to launch a Dublin-domiciled mirror version of Richard Buxton’s £1 billion flagship Old Mutual UK Alpha fund for international investors.
The Old Mutual Global UK Alpha Fund (IRL), which will launch on 18 December as a sub-fund of OMGI’s Sicav, will deliver long-term capital growth by investing in a concentrated portfolio of 35-40 predominantly large cap UK equities, with no benchmark or tracking error constraints.
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The fund, which will be run by the group’s head of equities Richard Buxton alongside Errol Francis, has been launched in response to the increasing demand from international investors.
The fund has already grown to over £1 billion (1.19 billion) since Buxton took over the reins after starting the year with around £150 million in assets.
Buxton said: "Flows into the Old Mutual UK Alpha Fund have been positive since June and assets under management currently stand at circa £1 billion. We have also received increased demand from our international client base and therefore decided that it was appropriate to provide a vehicle for them to access this strategy.
"UK growth seems likely to be better than reported, given the data on employment and business confidence. Valuations, meanwhile, are supportive. Anyone who invested in UK equities at current valuations at any time in the past 95 years would have made a profit in the following 10 years. This suggests that we are leaving the sideways market of the past 13 years and entering a bull phase," he added.
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