Lloyd Harris named as Lead Fund Manager on Old Mutual Corporate Bond Fund
Old Mutual Global Investors (“OMGI”), part of Old Mutual Wealth has today announced that Lloyd Harris will be promoted to Lead Fund Manager on the £482 million¹ Old Mutual Corporate Bond Fund (the “Fund”), effective1 December 2015.
Christine Johnson, Head of Fixed Income, will continue as Deputy Manager, but this change will enable her to focus more of her time on building the OMGI fixed income business.
Lloyd has been a Senior Credit Analyst at OMGI since January 2012 and has been Co-Manager on the Fund since May 2015. The decision to promote Lloyd is aligned with OMGI’s desire to offer career growth opportunities and the push for greater specialism within the Fixed Income team. Lloyd has impressed in his portfolio management role and his transition to Lead Fund Manager reflects his significant credit expertise.
While there will be no change to the Fund’s investment process or objectives: to maximise total return through investment in a diversified portfolio of fixed interest and other debt securities, under Lloyd’s management the Fund’s primary focus will be on stock picking and asset allocation, with a slightly reduced emphasis towards interest rate risk. Additionally, the Fund’s performance will be judged relative to the iBoxx GBP Non Gilts index, rather than the IA £ Corporate Bond sector.
OMGI has also confirmed that effective from 1 December 2015, Tim Barker will be promoted to the newly-created position of Head of Credit. Tim, who joined OMGI in September 2012, is currently Head of Credit Research. In this role, Tim will be responsible for managing the credit experts in the Fixed Income team, as well as providing guidance on asset allocation and stock selection.
Tim is also to become Co-Manager on the £150 million¹ Old Mutual Monthly Income Bond Fund alongside Christine Johnson. This change will enable the current Co-Manager Bastian Wagner to concentrate his efforts on the management of the Old Mutual Monthly Income High Yield Bond Fund, taking fuller advantage of his high yield expertise.
Christine Johnson comments:
“At OMGI we are committed to developing and retaining internal talent. Both Lloyd and Tim have a significant amount of credit expertise and I am pleased that we can offer these career development opportunities.
“Lloyd has impressed as a Portfolio Manager since he became Co-Manager on the Old Mutual Corporate Bond Fund in May this year and his promotion to lead manager is a natural progression. We are pushing for greater specialism within the team and the announcements concerning Lloyd and Tim reflect this.”
Lloyd Harris comments:
“I am excited about taking on the position of Lead Fund Manager and look forward to refining the Fund’s focus following a reassessment of the market. By placing a greater emphasis on credit, I believe we can better meet the needs of clients.”
Notes to editors:
Lloyd Harris joined OMGI in January 2012 as a Senior Credit Analyst focusing on the financial sector, before being appointed Co-Manager of the Old Mutual Corporate Bond Fund with Christine Johnson, Head of Fixed Income in 2015. Prior to that Lloyd was at Cutwater Asset Management (2007-2011), initially as an asset-backed CP/MTN trader, then as a European Financials Credit Analyst. Before this, Lloyd worked in structured capital markets at Deutsche Bank (2002-2007), after completing the firm’s graduate training programme. Lloyd graduated from the University of Bristol with a BA (Hons) in Electronics and Telecommunications Engineering (2001), and is a part-qualified management accountant
Tim joined OMGI in September 2012 as Head of Credit Research from Société Générale where he was Head of European Credit Research. Prior to this, he was Head of Credit Research at Aviva Investors and was responsible for the credit research team and its output. He was also an analyst covering several corporate sectors (mid-2005 – late-2010) and a Credit Analyst/Strategist at Lazard Asset Management responsible for all corporate and financial institution credit research (2004 –2005). Altogether, he has amassed over 20 years’ experience in credit research. He has a BSc honours in Management Sciences from the University of Warwick (1990) and holds the ASIP qualification.
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Old Mutual Global Investors:
Old Mutual Global Investors has grown strongly since its creation in August 2012 and now has assets under management of £22.2 billion². The team consists of 230 industry professionals, including a team of 59 investment professionals. As part of Old Mutual Group it has a strong financial parent to support the activation of its business strategy. Old Mutual Global Investors is the asset management division of Old Mutual Wealth. To find out more information please go to: www.omglobalinvestors.com
Old Mutual Wealth:
Old Mutual Wealth is the leading wealth management business in the UK and internationally, helping people secure their financial future.
It has an adviser and customer offering spanning:
• Financial advice via the Intrinsic network
• Platform based wealth management products and services via Old Mutual Wealth in the UK and Old Mutual International globally
• Asset management solutions via Old Mutual Global Investors
• Discretionary investment management via Quilter Cheviot
Old Mutual Wealth oversees £98.7 billion² in customer investments.
Old Mutual Wealth is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking services to more than 17 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.
In the year ended 31 December 2014, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £319 billion of funds under management from core operations.
This press release is for journalists only and should not be relied upon by financial advisers or customers.
¹ As at 31 October 2015
² As at 30 September 2015