Old Mutual Global Investors completes fixed income restructure


Old Mutual Global Investors (OMGI), part of Old Mutual Wealth, has today announced that following a strategic review of its fixed income capability, which led to several senior appointments, it has been mutually agreed with Christine Johnson that the role of head of fixed income is no longer required.

Over the past two years, OMGI has announced several high-profile changes within its fixed income team, led by Christine Johnson. These changes started with the appointment of John Peta as head of emerging market debt (EMD) in March 2015, the promotion of Tim Barker to head of credit in December 2015 and the appointment of Mark Nash as head of global bonds in June 2016.

Mark’s appointment represented the culmination of a strategic expansion of OMGI’s fixed income desk, which now has three core areas of expertise. Comprising 10 investment professionals, the function has teams specialising in EMD, credit and government bonds. These groups collaborate to share ideas on strategy, positioning and research, as well as working together to develop a holistic view of the fixed income market.

During this time, Christine Johnson has reduced her fund-management responsibilities, handing over management of the Old Mutual Corporate Bond Fund to Lloyd Harris in December 2015 and the Old Mutual Global Strategic Bond Fund to Mark Nash and Nicholas Wall in August 2016, instead focusing on team management. With the team in place for nearly nine months, Christine has agreed with OMGI that the role of head of fixed income is no longer required and she will be leaving the business to pursue other opportunities. The business has no plans to hire a replacement.

The two funds on which Christine retained co-management responsibilities will continue to be run by the current co-managers: the $110.6m¹ Old Mutual Monthly Income High Yield Bond Fund by Bastian Wagner with Tim Barker appointed as co-manager, and the £135.1m¹ Old Mutual Monthly Income Bond Fund by Tim Barker, with support from the global bond team. There will be no change to the investment objective or policies of these funds.

Tim Barker, John Peta and Mark Nash will report to Paul Simpson, OMGI’s director of investments.

Paul Simpson comments:

“OMGI’s fixed income team has been remodelled over the last two years, with a focus on hiring high-quality fund managers and promoting internal talent to ensure we now have clear areas of focus. This structure is pivotal to our investment philosophy that having specialists in each of the major areas of fixed income that work closely with one another is crucial to finding value in today’s increasingly interconnected markets.

“Having successfully implemented this strategy and built up a range of high-quality fixed income funds, Christine has accomplished her goals and leaves with our thanks and best wishes to pursue opportunities outside of the business.”

Christine Johnson comments:

“During my time at OMGI, we have built a highly experienced and successful fixed income desk. With the team in place for nearly nine months, a head of fixed income is no longer required. Therefore, I believe now is the right time for me to move on and explore alternative opportunities. I am confident that the team will continue to deliver for investors and I wish them, and the business, the best for the future.”

¹ As at 28 February 2017

Biographies:

Tim Barker

Tim Barker is head of credit at OMGI. He 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.

John Peta

John Peta joined OMGI as head of emerging market debt in March 2015.  John brings a wealth of industry knowledge and experience to the business. John previously worked at Threadneedle Asset Management, London where he was fund manager, head of emerging market debt since 2012. John started his career in fixed income in 1987 at Merrill Lynch, Seattle, before joining Chancellor LGT Asset Management, San Francisco in 1994.  John began specialising in managing dedicated emerging market (external and local) debt assets when he joined Standish Mellon Asset Management, Boston in 1997, moving to Acadian Asset Management, Boston in 2007 to assist in the launch of an emerging market local currency debt product. 

Mark Nash

Mark joined Old Mutual Global Investors as head of global bonds and lead manager of the Old Mutual Global Strategic Bond Fund in June 2016. He previously worked at Invesco Asset Management since 2001, most recently as head of global multi-sector portfolio management and head of European fixed income strategy.  Prior to that he held a number of roles at Invesco including, head of global macro alpha sources and senior fund manager. Mark is a CFA charterholder and has a chemistry degree from the University of Nottingham.