Old Mutual Global Investors announces management changes to large-cap European equity funds
- Ian Ormiston to oversee OMGI’s two large-cap European equity funds
- Liam Nunn promoted to lead manager of the Old Mutual European Equity (ex UK) Fund
Old Mutual Global Investors (‘OMGI’), part of Old Mutual Wealth, today announces the £100.6m¹ Old Mutual European Equity (ex UK) Fund and the €36.3m¹ Old Mutual European Equity Fund will be overseen by Citywire AA-rated Ian Ormiston, with European equity assistant fund manager, Liam Nunn promoted to fund manager on the Old Mutual European Equity (ex UK) Fund.
Investors in both the Old Mutual European Equity (ex UK) Fund and the Old Mutual European Equity Fund will benefit from Ian’s 22 years’ experience in European equity investing. His experience encompasses managing both pan- and continental-European equity portfolios, and investment into businesses across the market capitalisation spectrum, up to and including ‘mega-cap’ names.
Liam will continue to report to Ian, with both continuing to work on the successful €256m¹ Old Mutual Europe (ex UK) Smaller Companies Fund. Since its launch in November 2014, under Ian’s direction the Old Mutual Europe (ex UK) Smaller Companies Fund has generated strong risk-adjusted performance, returning 61.0% versus 48.9% for the Euromoney Smaller Europe (ex UK) benchmark. As at 31 January 2017, the fund is top quartile over six months, one year, two years and since inception.²
A CFA charterholder, Liam joined OMGI in January 2015 as a European equity analyst and then as an assistant fund manager, on the smaller companies fund. During his investment career he has worked as a pan-European equity analyst and, previous to that, a UK equity analyst. He has made an outstanding contribution to the success of the Old Mutual Europe (ex UK) Smaller Companies Fund, providing stock ideas and input into the investment process, as well as day-to-day management of the fund in Ian’s absence.
The investment policies and objectives of the two large-cap funds remain unchanged, with both aiming to achieve long-term capital growth through a diversified portfolio of European equities. Ian and Liam will continue to utilise OMGI’s proven UK and European equity investment style, which is rooted in a belief that the combination of high-calibre stock selection, adherence to a proven investment process, and patience should add value over the long-term.
As a consequence of these changes, Kevin Lilley will be leaving the business.
Richard Buxton, head of UK and European equities at OMGI comments:
“Against the backdrop of political uncertainties in Europe, we believe that this is an opportune time to revisit how we can best serve the needs of European equity investors, an important area of the market to which we are firmly committed. We are confident that Ian and Liam’s fundamental-driven approach has the potential to continue to serve investors well.
“Ian Ormiston is a highly-respected fund manager and investors in our European large-cap funds are set to benefit from his proven-stock selection skills. Further, we are thrilled to be able to offer a well-merited promotion to Liam Nunn. Having worked with Liam closely for several years, I have every confidence that he will fulfil the role with diligence and rigour.
“We would like to take this opportunity to thank Kevin Lilley for his contribution to the business, and to give him our best wishes for the future.”
Liam Nunn comments: “Since joining OMGI I have worked closely with Ian on both stock selection and portfolio management. I am delighted at the opportunity to become a fund manager on the Old Mutual European Equity (ex UK) Fund. With sentiment for European equities relatively low, we believe now represents an ideal opportunity to identify overlooked and undervalued companies that can deliver long-term rewards for investors.”
¹ As at 31 January 2017. Fund AUMs are stated in the base currencies of the funds.
² GBP R Acc share class as at 31 January 2017. Source: Morningstar
Ian Ormiston is a very experienced, well respected, high profile portfolio manager who has been managing European equities for over 22 years.
Ian joined OMGI from Ignis Asset Management where he has spent seven years working as a European Equities Portfolio Manager. During his time at Ignis, Ian managed the top performing Ignis European Smaller Companies Fund, delivering strong long term investment performance. In addition, he managed the Ignis European Growth Funds.
Ian started his investment management career at Asahi Life Investment Europe as an Investment Manager in the UK and European Equity Team in 1994, and became Head of European Equities in 1998. In 2000, Ian joined Singer & Friedlander Investment Management as a European Investment Manager with specific responsibility for Pan-European institutional mandates and the European element of global, international private client and pension funds.
In 2004, he was appointed Head of the European Equity Team and Lead Manager of the Singer & Friedlander European Growth and the Corluy –Singer Pan-European Large Caps Funds.
Ian has an MSc and BSc in economics and economic history from the London School of Economics.
Liam started his career as a graduate trainee at Premier Asset management in September 2010 before joining Schroders in August 2011 where he was part of the highly successful UK equity desk and latterly the Pan-European core large cap team.
Liam graduated from Durham University in 2010 with first-class honours in philosophy, politics and economics. Liam won the 2016 CFA UK and Brandes Essay Competition. The winning essay can be viewed here: http://professionalism.cfauk.org/education-millennial-value-investor/
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 £29 billion (as at 30 September 2016). The team consists of 273 industry professionals, including a team of 69 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 a 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 and protection products 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 £119 billion in customer investments (as at 30 September 2016).
This press release is for journalists only and should not be relied upon by financial advisers or customers.