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Old Mutual makes UK equity, bonds and US fund manager changes

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.

Andrew Tunks replaces Sofia Skalistiri as manager of the international bond and convertible fund while Suresh Sadasivan replaces Simon Weston as manager of the Asian select fund.

In addition the group’s £24m US select equity fund will now be run by Old Mutual’s quants team which already runs the £116m North American equity fund, meaning fund managers Terry Ewing and Anne Hall will no longer run money at the group.

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.”

A spokesman declined to comment on whether any of the managers would remain at the group but confirmed that UK equity and bond manager changes had been made to boost performance.

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