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Old Mutual ditches Gerrard brand plan

Old Mutual went back to the drawing board with its restructuring plans this week, as it scrapped plans for the creation of the new Gerrard Asset Management brand.

Old Mutual originally ann-ounced the merger between two of its subsidiaries, Greig Middleton and Capel Cure Sharp, in June, with the new business to take the Gerr-ard name.

The operation was to be run by Hill Samuel Asset Management&#39s former chief investment officer John Ainsworth with a team of fund managers from HSAM, including Ashton Bradbury and Adrian Farthing.

But as the Hill Samuel team arrived to start their new jobs this week, Old Mutual announced they will be working for a different company within the group.

Ainsworth will now take over as chief executive ofOld Mutual Asset Managers, with his Hill Samuel team being merged into the new set-up over the coming weeks.

The merged Greig Middleton and Capel Cure Sharp still remains nameless although several possible names are being discussed.

Ainsworth and his team will bring a new active management dimension to Omam, where fund management is run on a quantitative rather than qualitative basis.

Ainsworth says the new Omam will look to capitalise on the talents of its new star team from HSAM. He says: “There are all sort of possibilities for us within the new business and, as the CEO, I will be deploying my resources to the best possible use.”

It is thought Omam will launch a UK smaller companies fund for Bradbury and will look to turn around the performance of its poorly performing European funds under Adrian Farthing. No official internal appointments other than CEO have been made.

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