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Cassells is out as Old Mutual restructures

The manager of Old Mutual&#39s flagship hallmark growth and income portfolios, Logie Cassells, has left the firm.

His departure comes with the firm seeking to boost its flagging performance.

It is another round of moves at Old Mutual following the departure of its European equities team and loss of marketing director Barry Russell.

The restructure also sees product development manager Chas Dhabia and regional sales manager Paul Field leaving.

Cassells&#39 funds will be managed by a team of three, including head of global markets Les Jones. Jones will assume responsibility for asset allocation and international equities&#39 selection while head of mid-cap and small-cap equities Ashton Bradbury and head of UK growth Richard Moore will manage the UK assets part of the portfolios.

Head of client servicing David Morrison says: “We are putting our best talents to work on the funds to boost performance. We have to maintain our credibility in the marketplace.”

HCF Partnership partner Richard Craven says: “It is quite refreshing to see houses giving fund managers the boot – if that is why he has left – for poor performance. Cassells used to be a good manager but, like many others, he has come a cropper.”

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