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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.

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