Old Mutual Global Investors’ (OMGI) fixed income director Stewart Cowley is set to depart following an overhaul in the management of its fixed income funds.
Cowley, who has been serving at OMGI since June 2009, will leave the group at the end of June.
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Following Cowley’s departure, the management of his Old Mutual Strategic Bond fund will be taken over by Christine Johnson and John Peta from 1 May, as the group shifts its focus on a team approach to manage its fixed income range.
Under the restructure, the firm has divided its fixed income unit into two teams, namely the absolute return/rates and LDI, which will be led by Russ Oxley, and the total/relative return team, which will be spearheaded by Christine Johnson.
There will be no change to the investment strategy of the Global Strategic Bond fund.
Hinesh Patel, who supported Cowley on this fund for the past six years, will serve as co-manager on the fund with Johnson.
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By GlobalDataLloyd Harris will serve as co-manager of the Old Mutual Corporate Bond fund with Johnson.
Commenting on the management changes, OMGI CEO Julian Ide said, "I believe that we now have one of the industry’s most powerful fixed income capabilities led by two highly experienced fixed income leaders, Christine and Russ. The changes we have made to our funds will benefit our clients in the future. I am also pleased that we have been able to offer further career growth opportunities to Bastian, Hinesh and Lloyd."
