Old Mutual Global Investors bids farewell to Stewart Cowley, who leaves the business on 30 June 2015.  

Stewart has played an integral role in helping to build the Old Mutual Global Investors’ business, particularly the Fixed Income team.

Obviously Old Mutual Global Investors is sad to see one of the asset management industry’s most highly respected and well regarded asset managers leave. However, Old Mutual Global Investors fully respects Stewart’s decision and he will leave with the company’s thanks and gratitude for six years of service and many best wishes for the future. 

Stewart comments: “I am immensely proud of what we have achieved over the past six years. I have constructed a highly regarded fixed income group with credit, interest rate and currency skills.  Bringing this group of people together has been one of the most important things I have done in my career. Achieving this whilst guiding clients through some of the most difficult market conditions I have seen in my time as a fund manager gives me a real sense of achievement. However, in consultation with Old Mutual Global Investors, I feel that now is the right time to step aside to clear the way for the team to take the fixed income area forward to the next stage of development. During my time here my role in the media and fund management has broadened and I now want to explore this in the future.  I wish Julian Ide and all the Old Mutual Global Investors family well in the future.

“The financial markets are caught between two clashing giants: the unconstrained US and UK and the manipulated markets of the Europe and japan. It remains to be seen whether a still highly-leveraged populous with little or no savings and low job security can tolerate anything other than a much dampened interest rate cycle in the US and UK. But whatever the course of monetary policy, there may well be a reckoning for previous policies in the developed bond, currency and equity markets that spills over into the Emerging and Frontier markets. To guide clients through episodic bouts of higher volatility fund managers will require all the skill and modern techniques available to them.”

Julian Ide, CEO of Old Mutual Global Investors comments: “I am grateful to Stewart for the guidance and stewardship he has given to Old Mutual over the last six years and for the commitment he invested in building our powerful Fixed Income Team.  He has made a vital contribution to our Management Teams over many years, and particularly since I joined the company.  Stewart is also a good example of the active investment management culture that we are building here at Old Mutual Global Investors.     Stewart leaves us with our gratitude and best wishes.”

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Media Contacts:

Vee Montebello, Head of PR and Internal Communications, 020 7332 7687

Amelie Shepherd, Communications Executive, 020 7332 8345

Notes to Editors: 

Stewart Cowley, Investment Director, Fixed Income & Macro at Old Mutual Global Investors up to June 2015:

Stewart Cowley joined Old Mutual in June 2009 from Newton Investment Management where he was Head of Fixed Income and manager of the S&P AAA-rated Newton International Bond and BNY Mellon Global Bond funds. Prior to this he was Joint Chief Investment Officer and Head of Global Fixed Interest at Hill Samuel Asset Management, having previously been Head of Global Fixed Interest at Invesco Asset Management. He began his career at Donaldson, Lufkin & Jenrette in 1987 as a fixed income sales trader, before switching to fund management. Stewart has a BSc in Physics from Manchester University and a DPhil in Physics from Oxford University, and is a Member of the Securities Institute.

As a conviction manager, Stewart has delivered positive returns for investors over a 30 year career, returning 186%¹ compared to a peer group composite of 99%¹.

Stewart was recently named as an FE Alpha Manager at The FE Alpha Manager of The Year Awards 2015 which were held in March in recognition of him:

  • Being in top 10% of UK fund managers
    • Providing unrivalled analysis of historical performance data
    • Demonstrating powerful methodology
    • Delivering consistently accurate results.

Old Mutual Strategic Bond Fund:

The objective of the Old Mutual Global Strategic Bond Fund is to seek to produce total returns from income and capital growth through investment in diversified portfolio of fixed and variable rate bond investments, including convertible securities. The fund will vary the currencies in which is invests to enable it to achieve its objective.

The Old Mutual Global Strategic Bond Fund has beaten all of its investment objectives whilst under Stewart’s management. 

Since taking over management in July 2009 the Old Mutual Global Strategic Bond Fund Stewart has returned 32.52%² for clients, which is well in excess of the cash and inflation targets of the fund or even a market index such as the JP Morgan Global Government Bond Traded Index, which has returned 22.08%².

In addition, over six months to 29 April 2015, the Old Mutual Global Strategic Bond Fund outperformed its main benchmark targets (cash and inflation) by 4.33%², as well as the JP Morgan Global Government Bond Traded Index, which has returned sterling terms 3.12%².  

The Old Mutual Global Strategic Bond Fund - cumulative performance table:



1 Year

3 Years

5 Years

Since Inception

Old Mutual Global Strategic Bond Fund






JPM GBI Global Traded TR GBP






Cash (1 Month LIBOR)






Inflation (CPI)






NB. Figures as at 29th April 2015. Data source: Financial Express and Morningstar.


Old Mutual Managed Fund:

The objective of the Old Mutual Managed Fund is to provide long term capital growth through the active management of a diversified portfolio.  It will invest primarily, either directly or indirectly, in bond and equity investments, generally by investing in other Old Mutual collective investment schemes.  There are no specific restrictions as to the economic sectors or geographic regions that the fund may invest in.

The Old Mutual Managed Fund has produced strong performance and is in the first decile of its peer group since Stewart started managing the fund in September 2011². For the past two years the Old Mutual Managed Fund has been nominated in its sector of the Investment Week Awards.

Old Mutual Global Investors:

Old Mutual Global Investors has grown strongly since its creation in August 2012 and now has assets under management of £22.5 billion³.  The team consists of 219 industry professionals, including a team of 56 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:

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 £102.3 billion³ 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.

¹ Source: Financial Express as at 29 April 2015

² Source: Morningstar as at 29 April 2015

³ As at 31 March 2015