Old Mutual Global Investors announces departure of Diamond Lee
Josh Crabb to manage Old Mutual China Equity Fund
Old Mutual Global Investors (“OMGI”), part of Old Mutual Wealth today announces that Diamond Lee, manager of the Old Mutual China Equity Fund, left the business on 22 July to pursue a career outside of asset management.
As a result Josh Crabb, head of Asian equities has taken over as lead manager of the Old Mutual China Equity Fund. Josh has been managing Asian equity funds for over 15 years, including roles at BlackRock and Prudential Asset Management. His existing OMGI portfolios have a high exposure to Chinese equities and he is very familiar with the Chinese macroeconomic environment, having been based in Hong Kong since 2001.
The objective of the fund is unchanged and it will continue to be run as a concentrated portfolio, with a focus on high quality stock-selection. The Asian equities team, who have always worked closely with Diamond to research and develop thematic ideas, remain in place and are committed to growing the portfolio and delivering value for clients.
Old Mutual Global Investors remain focused on growing its presence in Asia, including growing assets in the Asian equity funds. To this end, OMGI’s Asian arm was recently boosted with the hire of Rob Weatherston, Japanese equity manager and Gerard Clancy, head of sales for Singapore. The team will look to add further top-class talent if the opportunity arises, which may potentially include recruiting another Chinese equity specialist.
Josh Crabb comments:
“Diamond has been a fantastic colleague and I have enjoyed working with him for the last 18 months at OMGI. I’d like to thank him for the significant contribution he has made, not least in helping us establish the Asian equities team in Hong Kong in April 2015. I’d like to wish him the best of luck for his next venture.
“We will continue to operate a team-based approach to idea-generation for the fund. I believe that we are entering an exciting time for Asian equities, which have been out of favour and under-owned for the last few years. China is currently undergoing a series of structural reforms as it moves from a manufacturing to service-led economy and we believe this transition presents a number of interesting investment opportunities. We will continue to research and select stocks, which we believe will provide sustainable long-term growth for investors.”
Diamond Lee adds:
“I have immensely enjoyed my time at OMGI. It’s been great to work with a talented, dynamic team and help set up the business’s first fund management team outside of the UK. However, after over 20 years in the industry, I feel that now is the right time to move on and try something new. I leave OMGI with great memories and wish the team all the best for the future.”
Notes to editors:
Old Mutual Global Investors:
Old Mutual Global Investors has grown strongly since its creation in August 2012 and now has assets under management of £26 billion (as at 31 March 2016). The team consists of 258 industry professionals, including a team of 64 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 to create prosperity for the generations of today and tomorrow.
It has an adviser and customer offering spanning:
- Financial advice delivered by the Intrinsic network in the UK and AAM Advisory in Singapore
- Platform based wealth management products and services delivered by Old Mutual Wealth in the UK and Old Mutual International globally
- Asset management solutions delivered by Old Mutual Global Investors
- Discretionary investment management delivered by Quilter Cheviot.
Old Mutual Wealth oversees £107.1 billion in customer investments (as at 31 March 2016).
Old Mutual Wealth is part of Old Mutual plc a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 18.9 million customers across the world and has a total of £327.9 billion assets under management (as at 31 December 2015).
This press release is for journalists only and should not be relied upon by financial advisers or customers. Investments may fall or rise in value and investors may not get back what they put in.