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OMGI to launch Old Mutual Creation Portfolios

Portfolio-Bonds-Investment-Business-700x450.jpgOld Mutual Global Investors is relaunching its risk-targeted Old Mutual Spectrum funds with a new higher-risk portfolio and lower fees.

The overhauled range will be called the Old Mutual Creation Portfolios “to reflect its utility as a solution for accumulation” and will launch in July 2017.

Following a review of the range, the higher risk Old Mutual Creation Adventurous Portfolio will come to market while funds with similar investment objectives and risk profiles will be merged, subject to shareholder approval. Old Mutual Spectrum 5 will merge into Old Mutual Spectrum 6 and Old Mutual Spectrum 8 will merge into Old Mutual Spectrum 7.

OMGI says it wants to give manager Anthony Gillham “greater flexibility with which to achieve the investment objective of each portfolio” while offering investors the option to invest in a higher risk portfolio.

The portfolios’ investment objective will broadly remain the same but will be amended to clarify that they target capital growth over the long term to a maximum volatility level.

Currently, the Spectrum range invests mainly in other funds, but the new rage will have fewer holdings in collective investment schemes, and these will be limited to OMGI funds and a select number of third party mandates. The restrictions on the use of derivatives have also been reduced.

A fixed ongoing charge pricing structure will replace the existing combined fees and costs of the AMC, the administrative costs and the ongoing costs of investing in other collective investment schemes, and will be lower than the current OCF.

The latest changes are part of an evolution of the group’s multi-asset range that has been taking place since the Old Mutual Wealth multi-asset unit was created in October 2015. This has included the re-launch of OMGI’s decumulation product, the Old Mutual Generation Portfolios, in October 2015 and the launch of its flagship Old Mutual Compass Portfolios, in April 2016.

Anthony Gillham, co-investment director, Old Mutual Wealth multi-asset unit, says: “In pursuit of our aim to offer a varied suite of solutions that meets investor needs, we have worked closely with our clients and financial advisers to ensure our multi-asset range is aligned with investor expectations. We are excited to unveil the Old Mutual Creation Portfolios, believing this change will not only benefit existing clients, but also enhance and simplify our entire suite of multi-asset accumulation solutions.”

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