OMGI scraps Asian team following fund review

Veteran Asian equity fund manager Josh Crabb and his team are leaving Old Mutual Global Investors following “a fund range review” by the asset manager.

OMGI says Crabb and the Asian equities team based in Hong Kong will be leaving the business in May “to pursue other opportunities”.

The firm says Hong Kong will remain “a core distribution centre for OMGI going forward”.

An OMGI spokeswoman says the company expects “a small decrease” in number of roles in some supporting functions in the Hong Kong office.

As part of the review, OMGI head of global equities Ian Heslop will take over the management of Crabb’s $179.7m (£125.5m) Old Mutual Pacific Equity and the $420.7m Old Mutual Asian Equity Income funds.

Charges and objectives of the funds will not change with the change of leadership, but the investment strategy will now take the “systematic approach” to stock selection of Heslop’s team as opposed to the bottom-up style used by the Hong Kong team.

Crabb has been managing Asian equities for 15 years, including with stints at M&G and BlackRock. He joined OMGI in 2014.

OMGI managing director Warren Tonkinson says: “As a part of our regular fund review process we look to identify opportunities to add value for clients. We are confident that investors in the Old Mutual Pacific Equity fund and the Old Mutual Asian Equity Income fund will benefit from the vast experience of the global equities team, who have consistently demonstrated outperformance in this asset class.

“We’d like to thank Josh and the team for managing the funds until now and wish them the best for the future.”

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