Old Mutual has just announced it is merging the asset management activities of Old Mutual Asset Mana...
Old Mutual has just announced it is merging the asset management activities of Old Mutual Asset Managers and Gerrard Investment Fund with immediate effect, under the watchful eye of John Ainsworth, chief executive of OMAM.
Officials say it will be "some time" before it is decided who will manage the various funds and departments, however, Kenneth Levy (ceo of Gerrards), Steven Clarke, and Edward Warner (ceo of OMFS) will all remain in place behind John Ainsworth, who will now also be responsible for the performance of Gerrard's investment funds.
The announcement to merge both asset management divisions comes just days before Old Mutual's high profile launch of Selestia on November 1, the new arm of Old Mutual which looks set to rival Skandia as a multi-manager funds platform.
There are unlikely to be any changes to the branding of both divisions, officials say, however, it has yet to be decided whether Gerrard's "Hallmark" flagship funds will keep their branding.
OMAM currently has 18 retail and 9 institutional funds, while Gerrards runs 18 funds - including its flagship Hallmark range.
Sources say OMAM is likely to remain as the platform for the company's asset management division.
An ambitious objective
'Something completely new'
'Illusion of control'
Reasons to be cheerful
Total investment reaches £9m