Management of the European funds at Old Mutual Asset Managers is to be moved to the group's quants-d...
Management of the European funds at Old Mutual Asset Managers is to be moved to the group's quants-driven structured equity team following the departure of its European managers this week.
Fund manager Adrian Farthing, along with Alan Porter, Stuart Taylor and Prash Arora left OMAM on 29 July.
OMAM director of retail and institutional sales Andrew Lightbown said the team had left 'because the performance of the funds wasn't satisfactory' but declined to comment on whether the departures were voluntary.
'Adrian was expected to achieve upper-quartile performance but the funds have done very badly,' he said.
Farthing's £78.2m Old Mutual European fund posted offer to bid returns of -31.5% against an average of -23.8% over one year to 22 July.
Lightbown said the active team would not be replaced and their funds would be transferred to the structured equities desk run by David Ross, which already runs the group's North American portfolios.
He described the structured equities team's active quant-based style as 'major countries, major stocks and major sectors ' very much large-cap oriented.'
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected