Given the strengths of both of the investment teams, Old Mutual Wealth believes that there is an opportunity for both multi-asset and single strategy to develop as separate distinct businesses.
Old Mutual Wealth has one of the fastest growing multi-asset capabilities in the UK with £16bn of assets under management as at 30th June 2017. In the first half of 2017, multi-asset reported net inflows were £1.6bn. Multi-asset is a core part of the Old Mutual Wealth strategy, delivering peer leading investment solutions to a wide number of UK and international retail clients through our significant distribution footprint.
The multi-asset capability comprises portfolio management of multi-asset funds and managed portfolio services as well as fund research. Old Mutual Wealth’s multi-asset investment team is one of the largest and most experienced in the UK, with a great depth and breadth of talent across the team.
Old Mutual Wealth announces that this business will be led by Paul Simpson who has been appointed as CEO and a member of the Old Mutual Wealth Executive Committee (subject to regulatory approval).
Both the Old Mutual Global Investors’ single strategy and multi-asset investment teams have built strong franchises in their own right since OMGI was created in 2012.
Old Mutual Global Investors will focus on its highly successful single strategy portfolio range and will continue to grow this attractive franchise under the leadership of Richard Buxton as CEO. Old Mutual Wealth is assessing, together with OMGI management, internal and external structures for the single strategy business to continue to develop it further.
Paul Feeney, CEO of Old Mutual Wealth, comments:
“We continue to refine the long term strategy of our business and our preparations for listing in 2018 are well on track. Investment management remains at the core of the business and multi-asset management and discretionary fund management are cornerstone capabilities. They are critical components to ensure we continue to deliver good customer outcomes, as well as supporting the on-going retention of assets. The creation of a dedicated multi-asset business, led by Paul Simpson, is a further step to enhance Old Mutual Wealth’s future prospects.”
There will be no change to any of the investment management teams or product ranges.
Notes to Editors
Paul began his capital markets career in risk management, gaining experience in major houses such as Deutsche Bank and UBS, and trading a wide range of equity market neutral and arbitrage strategies. Switching to investment management he was PM on a successful merger arbitrage fund at DPFM, later concentrating on statistical arbitrage, with 2 years as a PM at Millennium Partners. He joined Old Mutual in 2006. At Old Mutual he initiated and was co-manager on the European Statistical Arbitrage fund (launched 2006) and Global Statistical Arbitrage fund (launched 2007). He was appointed Head of Alternatives at OMGI in 2009, having managerial responsibility for quantitative multi-factor investment processes spanning hedge funds, alternative and long only UCITS funds. He was appointed Investment Director in January 2015. Paul is Chair of OMGI’s Investment Director’s Committee and sits on the Boards of Old Mutual’s’ UK, Irish and Cayman investment funds. He is also a member of Old Mutual Global Investors’ Executive Committee. Paul has a BA in Economics from Cambridge University (1980) and an MBA from the University of Bradford Management Centre (1986).