Marlborough Fund Managers is to take over the management of two of Old Mutual's unit trusts, writ...
Marlborough Fund Managers is to take over the management of two of Old Mutual's unit trusts, writes Jenne Mannion.
Jeff Hitchin, chief executive at Marlborough, said the OM Hartley Growth Trust - holding a portfolio of UK securities - will be taken over from Old Mutual in August. The fund will be renamed the Marlborough UK Equity Growth fund.
The OM Pygmalion International Equity trust, a fund of funds, will be taken over by Marlborough in September and is to be renamed the Marlborough International Equity fund. The individual fund managers responsible for both portfolios will continue to oversee the rebranded products. The Marlborough UK Equity Growth fund will be run by Mike Barnard of MD Barnard & Co. Meanwhile, the current Old Mutual fund manager of OM Pygmalion International Equity trust, Gurjit Soggi, will join Marlborough to run the new Marlborough International Equity fund.
Hitchin said: "Marlbourough is taking over the management of these funds following Old Mutual's move out of the broker unit trust market."
He said initial commission on the funds would be 3%.
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