Old Mutual Global Investors strengthens Absolute Return Government Bond team with new hires
Old Mutual Global Investors, part of Old Mutual Wealth, announces that, as a consequence of a difference in opinion regarding future strategic direction, Russ Oxley will leave the business with immediate effect. Old Mutual Global Investors would like to thank Russ for his valuable contribution in supporting the launch of the ARGB capability.
Adam Purzitsky and Paul Shanta have been appointed Co-Heads of the Absolute Return Government Bond team (‘ARGB team’), reporting to Paul Simpson, Investment Director.
Adam and Paul joined Old Mutual Global Investors in early 2015 along with the other members of the ARGB team. They have been instrumental in the management and development of the Absolute Return Government Bond strategy over the last seven and eight years, respectively.
Old Mutual Global Investors also announces the enhancement of the ARGB portfolio management team with the appointment of two highly experienced investment professionals, Mark Greenwood and Peter Meiklejohn. Both Mark and Peter have already made valuable contributions to the ARGB team during the time they have been working alongside the team as consultants. These appointments bring the total number of portfolio management professionals working on the ARGB strategy to six, supported by two additional specialist investment professionals.
Supported by the rest of the team, Adam and Paul will continue to co-manage the Old Mutual Absolute Return Government Bond strategy. Their focus will remain on meeting clients’ expectations and delivering the outcomes and investment journey clients expect. Adam and Paul were among the first members of the team to join Old Mutual Global Investors, and were instrumental in the pre-launch preparation, as well as actively managing the strategy since launch in October 2015. The managers will continue to employ exactly the same investment process and philosophy that they have been at the heart of developing over many years.
Commenting on their appointment, Paul Shanta explains: “We joined Old Mutual Global Investors because we were excited by the scope the firm offered us to manage the investment strategy we’ve spent our careers developing. The ‘CIO-free zone’ philosophy and collaborative, collegiate environment was very attractive to us. It is a highly distinctive part of the firm’s culture, and demonstrates an approach that is now the exception rather than the rule among major asset management firms.”
Adam Purzitsky adds: “Old Mutual Global Investors has made a major investment in the ARGB capability, building sophisticated business infrastructure to support the successful launch of the Old Mutual Absolute Return Government Bond strategy.
“Paul and I, along with other members of the team, have spent most of the last decade developing the strategy and tools we use. We now have advanced technology and one of the best-resourced teams we’ve ever had.
“We’re excited about the prospects for the Old Mutual Absolute Return Government Bond Fund, which we believe remains unique in the marketplace as an investment solution to help clients to manage some of the key challenges faced by fixed income investors and asset allocators.”
Paul Simpson, Investment Director, and Richard Thompson, Head of Investment Risk, will continue their close involvement and collaboration with the ARGB team. Paul Simpson brings a great deal of expertise and experience in absolute return investment strategies. The collaboration between Paul, Richard and the ARGB team has been a feature of most of 2016 year-to-date, with the additional governance of Old Mutual Global Investors’ Quarterly Investment Committee leading to tangible benefits for investors, including low correlations with other asset classes and investment strategies, and a return and volatility profile consistent with the long-term track record of the strategy.
Paul Simpson comments: “We are pleased with the strong interest we have received from our global client base since we launched the Old Mutual Absolute Return Government Bond strategy, which is a key component of our suite of highly regarded absolute return products, including GEAR and the newly launched UCITS version of our UK Specialist Equity Fund. We are fully committed to the ARGB team and fund, as demonstrated by the appointments of Mark and Peter. Both of these highly experienced investment professionals have worked closely with Adam, Paul and the team during the last year, making valuable contributions to the strategy. We are pleased that they are now permanent members of our business.”
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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).
The ARGB team consists of eight experienced and highly-qualified investment professionals, most of whom have worked together in various capacities for many years. They benefit from additional support and oversight from Investment Director, Paul Simpson, and Head of Investment Risk, Richard Thompson.
Employing state-of-the-art technology, which is the result of over 10 years of research and refinement, the team can identify and visualise the areas of the markets offering the greatest opportunities and valuation anomalies. The team has an exceptional track record of creating and managing innovative investment strategies to help clients address the challenges associated with:
- a rising awareness that many absolute return strategies are more correlated with each other, and with financial markets, than might reasonably be expected;
- a global government bond market whose traditional safe-haven role is increasingly questionable;
- an ever more mature credit cycle; and
- a fast-changing and increasingly intermediated fixed income environment.
PORTFOLIO MANAGEMENT TEAM:
Adam brings over 10 years of investment management and investment banking experience to Old Mutual Global Investors. Prior to joining the company, Adam worked at Ignis Asset Management from 2009 as a Senior Quantitative Portfolio Manager on the Rates Team. In 2011 he became Co-Manager of the Ignis Absolute Return Government Bond Fund, where he was crucial in developing the proprietary analytical tools for the team as well driving the macro-economic discussion for the team. Prior to joining Ignis Adam was Vice President at Société Générale from 2007-2008 and was an Associate in Fixed Income Quantitative Strategies at Lehman Brothers from 2004-2007. Adam holds a PhD in economics from Princeton, and a BA in maths from York University (Toronto).
Paul brings seven years of investment management experience to Old Mutual Global Investors. Prior to joining the company Paul worked at Ignis Asset Management, initially as a Portfolio Manager in the Rates Fixed Income Team from 2008-2012, then becoming Co-Manager of the Ignis Absolute Return Government Bond Fund in 2012. As well as co-managing the absolute return funds, Paul was involved on a daily basis co-managing the liability overlay for Ignis’s unconstrained funds. Paul began his career in Ignis’s fixed income team and quickly found a niche in managing index-linked bond portfolios. Over time he developed a specialism in derivatives, ultimately becoming a key member of the team that launched the Ignis absolute return fund in 2011. Building further on his expertise in derivatives, Paul has a particular interest in inflation and option strategies that have added new layers of alpha opportunities to the investment strategy. Paul holds a BSc in mathematics, statistics and finance from the University of Strathclyde.
Mark Greenwood spent the last 10 years on the inflation desks at RBS and Barclays, latterly as Managing Director responsible for inflation options and exotics in all currencies. He began his career as an underwriting actuary with Swiss Re in South Africa. Mark holds an MSc in Statistics from the University of the Witwatersrand, the FRM designation from the Global Association of Risk Professionals and is a Fellow of the UK Institute of Actuaries.
Peter Meiklejohn has worked in the hedge fund industry for almost ten years, six of which were spent working at JP Morgan. During his time with JP Morgan, Peter worked for four years in London in the G10 Interest Rate Derivatives Marketing Group and, latterly, spent three years in Singapore where he was part for the Global Emerging Markets Division responsible for marketing a broad spectrum of financial products to global institutions, including macro hedge funds and real money accounts. Peter holds a BA in economics from the University of Oxford.
Jin has over eight years of investment management experience. Prior to joining OMGI Jin worked at Ignis Asset Management as a Portfolio Manager in the Rates Fixed Income Team. As well as being part of the team managing the absolute return funds, Jin also helped to manage the liability overlay for Ignis’s unconstrained funds. Prior to joining Ignis, Jin spent the summer of 2006 working as an intern in the CEO Corporate Office of Allianz General Insurance in Malaysia. He was an intern in Technology Consulting at Deloitte Consulting in Malaysia during the summer of 2005. Jin is a CFA charterholder.
Huw has over 23 years of fixed income investment experience. He joined OMGI from Ignis Asset Management (SLI) which he joined in early 2014 as a Fixed Income Product Specialist. Prior to joining Ignis, Huw spent the four years between 2010-2014 working at Citi as Director, UK RM Interest Rate Sales and five years at JP Morgan Chase as Executive Director, Interest rate sales from 2005-2010. During his sales career he covered a range of clients, advising Pension Funds, LDI managers, Insurance companies and absolute return funds. Prior to 2005, Huw worked in roles that covered UK and European Bond Sales roles at Royal Bank of Scotland, UBS, Barclays Capital and Sanwa International.
RESEARCH, SYSTEMS AND SUPPORT:
Joshua has over 16 years’ experience working in financial services. He joined OMGI from Ignis Asset Management where he spent four years between 2010 to 2014 as a Quantitative Portfolio Manager on the Rates Team (this Team ran the Ignis Absolute Return Government Bond Fund). In 2010, he spent a year with Royal Bank of Scotland FM as an Electronic Trading Developer and during 2007 to 2008 he worked at Resolution Asset Manager (now Ignis) as a Rates Consultant/Director. From 2000 to 2007, Joshua worked as an Analyst/Rapid Application Developer in the Fixed Income Team at UBS. He joined the City in 1998 as an Analyst Developer on Front Office Systems at Cazenove. Prior to joining Cazenove, he spent four years working as a Systems Developer at QVC.
Ricky brings with him extensive experience of OTC, ETD and repo markets having worked for most firm types in the industry. Unusually he has worked for a TPA (Bank of NY 2001-06), an FCM (BNP from 2006-07) and also in the asset management industry at Ignis from 2007 to 2012 where he worked closely with the team on the launch of the Ignis ARGBF. More recently he worked for EUREX as OTC Clearing Sales and Relationship Management.
GOVERNANCE AND RISK OVERSIGHT:
OMGI’S QUARTERLY INVESTMENT COMMITTEE
The QIC is a delegated committee of the OMGI UK Board that provides independent oversight of portfolio management activities, including performance and risk oversight, investment risk management oversight and mandate oversight for all OMGI funds and strategies to ensure investors are provided with products which perform as investors expect.
Paul has nearly 30 years’ experience of capital markets. Starting in investment risk management he switched to proprietary trading in the 1990s, gaining experience in a variety of market neutral and arbitrage strategies in major houses such as UBS and Deutsche Bank. Moving to the buy side in 2000 he ran arbitrage strategies in leading hedge funds DPFM and Millennium Partners before joining Old Mutual in 2006. Initially running his speciality statistical arbitrage strategy Paul became Head of Systematic Investments overseeing a variety of successful long only and hedged investment strategies, then Head of Alternatives driving the creation of a $8bn+ highly successful Alternatives product set. In 2015 Paul became Investment Director at OMGI and provides oversight and strategic direction to all 60+ investment professionals managing £25bn in multiple styles and locations. Paul has an MA in Economics from the University of Cambridge and an MBA from the University of Bradford Management Centre.
Richard has a PhD in Engineering and brings 15 years of industry experience to our team. Prior to joining OMGI, he worked for Citigroup, London as EMEA Head of Risk, Futures, Clearing and Collateral. Other past roles include being a Portfolio Manager and Chief Research Officer at H3 Global Advisors, a Senior Quantitative Trader at CMC Markets and Head of Quantitative Proprietary Trading Desk at Liquid Capital Markets Limited. In addition to his successful career in The City, Richard has also had several papers published.