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Old Mutual axes five in quant switch

Old Mutual Asset Managers has axed five fund managers in an overhaul that will see the group’s quants team take on a greater investment role.

UK select large cap and UK select equity fund manager Richard Moore will be replaced by the group’s quantitive strategies team although Ashton Bradbury and Luke Kerr will continue to run the small and mid-cap elements of both funds. The quants team, which already runs the 116m North American equity fund will take on Terry Ewing and Anne Hall’s 24m US select equity fund.

In another switch, Asian select fund manager Simon Weston and international bond and convertible fund manager Sofia Skalistiri are being rep-laced by Suresh Sadavsivan and Andrew Tunks respectively.

An Old Mutual spokesman says: “We have decided it is uncommercial to run two investment processes in the US despite strong recent performance from the US select equity fund and will put the focus on our successful quantitive strategy team.”

The spokesman confirmed that UK equity and bond manager changes were aimed at boosting performance.


Defaqto issues warnings over PPI

Defaqto is warning that consumers need to seriously check what they are being sold by lenders offering payment protection insurance.Following yesterday’s signalling by the Office of Fair Trading of its intention to refer the UK PPI market to the Competition Commission, Defaqto says it once again highlights the need for customers to check what they […]

Harrison finds room for advice

Positive Solutions executive chairman David Harrison believes only 50 additional basis points on a recurring income basis would be needed to create room for IFAs to advise on personal pension accounts. Harrison, speaking at the Money Marketing/Cicero pension summit in London last week, warned the Government that it risks consigning people to the wastebin by […]

‘Sipp market full of backhanders’

The Sipp market is rife with “backhanders” and providers pocketing undisclosed earnings, industry insiders claim. Pal Partnership business development manager Richard Mattison says the most common source of undisclosed earnings are from interest rates on cash. He says interest rates paid on cash held in Sipps can vary by as much as 3 per cent […]

PPI sector referred to Competition Commission

The Office of Fair Trading has referred the UK payment protection insurance market to the Competition Commission.It has slammed excessive commissions in the sector and has published its analysis of the market for a consultation process that ends on November 30, ahead of a decision early next year on the future of the sector.The OFT […]


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