Departure of lead manager follows that of adrian farthing and european equities team
Logie Cassells, manager of Old Mutual's Hallmark Growth and Hallmark Income managed portfolios, has left the group.
Cassells along with a number of other staff, including Paul Field, regional sales manager and Chas Dhabia, product development manager, have departed as Old Mutual repositions its business going forward.
The departures are just the latest to hit the group, which has seen its entire European equities team and a number of its marketing and sales departments leave over the past month.
Overall responsibility for Cassells' funds will move over to Les Jones, head of global markets, who will also be responsible for the asset allocation and overseas equities portion of both funds. The remainder of the portfolios will be sub-contracted to other Old Mutual managers.
The majority of the two funds are invested in UK equities and going forward this element will be managed by Richard Moore, head of UK growth, and Ashton Bradbury, head of mid and small cap equities. Hallmark Growth, in the balanced managed, and Hallmark Income, in the cautious managed sector, differ only in their asset allocation split.
Andrew Lightbown, director of retail and institutional sales at Old Mutual, said going forward the number of UK holdings in the portfolios will be cut from around 85 to approximately 40.
He added the benchmark of the portfolios will remain unchanged. These are Apcims Private Investor Growth Index plus 2%pa after charges for Hallmark Growth and Apcims Private Investor Income Index plus 2%pa after charges for Hallmark Income.
Moore manages the UK Select Large Cap fund, which was launched in April this year, and he works with Bradbury on the UK Select Mid Cap fund.
Over three months to 12 August, Moore's large cap fund is ranked 13 out of 312 funds in the UK All Companies sector, returning -16.1%, compared to the sector's -19.5%, bid to bid.
Bradbury is also manager of the Old Mutual UK Select Smaller Companies fund, which is ranked seven out of 71 in the UK Smaller Companies sector over one year, offer to bid, returning -17.2%, compared to the sector average -28.8%.
In addition Bradbury manages the OM Gerrard UK Select Smaller Companies fund. Old Mutual has indicated it is looking to merge cross-over funds as part of its forthcoming Oeicing process.
The bond element of the portfolio is to be sub-contracted to the fixed interest team, headed by Richard Woolnough and Sophie Skalistra, both of whom have strong track records, Lightbown said.
Woolnough manages the Old Mutual Corporate Bond fund, which over one year to 12 August, on an offer-to-bid basis, is ranked 11 out of 72 in the UK corporate bond sector, returning 3.4%, compared to the sector average of -0.1%. Skalistra manages the UK Fixed Interest fund, which is ranked 16 in the corporate bond sector over the same time, returning 2.1%.
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