Old Mutual Global Investors (OMGI) has launched an offshore global income product in response to the client demand for an income product run by the global equities team of the group.
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Further, the company has announced that the £38.8m onshore Global Equity Income fund, sub-advised by O’Shaughnessy Asset Management will be wrapped up by 15 September 2015, subject to regulatory approval.
The gradual decline in assets over the last few years as well as the operating costs has been cited as reasons for the closure of the fund by the company.
The newly launched offshore fund is a sub-fund of the Dublin-domiciled Old Mutual Global Investors Series umbrella fund, with an added feature of income remit.
The fund will be managed by Ian Heslop, head of global equities, along with Amadeo Alentorn and Mike Servent.
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By GlobalDataOMGI managing director Warren Tonkinson said: "We’ve experienced a high level of client demand for an offshore global equity income fund managed by Ian Heslop and his team.
"We are delighted that this fund is now live and will become a core part of our global fund range, available to both UK and offshore investors."
