OMGI change investment adviser on the OM Ethical Fund
Quilter Cheviot to take over as sub-adviser
Old Mutual Global Investors (“OMGI”) has today confirmed that the investment adviser of its £77m¹ Old Mutual Ethical Fund (“the Fund”) will be a changed to Quilter Cheviot.
The Fund, which is a sub-fund of the Old Mutual Multimanager Trust, is currently sub-advised by Impax Asset Management (“Impax”), but is scheduled to move to Quilter Cheviot on 1 December 2015.
Quilter Cheviot has a long track record of managing ethical investments. Indeed, it boasts an award-winning² sustainable investment team led by Claudia Quiroz and William Buckhurst, who will be taking over as fund managers.
The team have a history of success in delivering long-term capital appreciation and income to clients by investing around the world in opportunities arising from the convergence of climate change, resource scarcity and population shifts. Quilter Cheviot’s sustainable investment team currently manages over £130 million¹ in client investments across funds and segregated portfolios.
OMGI has also today announced a change to the fee structure of the Fund. As a result of negotiations with Quilter Cheviot, there will be a reduction to the ongoing charges figure (“OCF”) of approximately 0.2%³.
The Fund will continue to target a total return comprised of income and capital growth by investing in shares of companies that demonstrate sound ethical practice. There is no change to the Fund’s risk profile, investment objectives or policy.
Warren Tonkinson, Managing Director, Old Mutual Global Investors comments:
“The Quilter Cheviot Sustainable Investment team have a vast amount of experience managing sustainable and ethical funds and we look forward to working with them on the management of the Old Mutual Ethical Fund. As well as offering clients access to one of the best ethical investing teams in the industry, we are pleased to confirm that investors will also receive a cost saving as a result of this move.
“I’d like to thank Impax Asset Management for its support in managing the Fund until now.”
Claudia Quiroz, Executive Director, Sustainable Investing at Quilter Cheviot adds:
"We, at Quilter Cheviot, are looking forward to working closely with OMGI to ensure that we deliver both the Old Mutual Ethical Fund’s financial and ethical investment objectives”.
Claudia is the Lead Fund Manager of the award winning Quilter Cheviot sustainable investment strategy, the Climate Assets Fund, which was recently shortlisted for a performance award at the Professional Adviser Awards 2015. She also manages segregated portfolios on behalf of private clients, pensions and charities with a focus on sustainable investment. Claudia holds an MBA from Cass Business School in London and joined Quilter Cheviot from Henderson Global Investors in 2009. She has 15 years’ experience in sustainable & responsible Investment and is a member of the Chartered Institute for Securities & Investment. At Quilter Cheviot, she sits on the Responsible Business Committee.
William began his career in 2002 at Laing & Cruickshank Investment Management, which was acquired by UBS Wealth Management in 2004. He joined Quilter Cheviot in 2006 where, in addition to managing private client, pension and charity portfolios, he is the co-manager of the Libero Balanced Fund and the Climate Assets Fund and sits on Quilter Cheviot’s external fund selection committee.
Old Mutual Global Investors:
Old Mutual Global Investors has grown strongly since its creation in August 2012 and now has assets under management of £22.4 billion4. The team consists of 230 industry professionals, including a team of 59 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
Quilter Cheviot, part of Old Mutual Wealth, is one of the UK’s largest discretionary investment firms and can trace its heritage to 1771.The firm is based in twelve locations across the UK, Jersey and Ireland and has total funds under management of £17.2 billion (€24 billion)4. Quilter Cheviot focuses primarily on structuring and managing bespoke discretionary portfolios for private clients, charities, trusts, pension funds and intermediaries.
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 £101 billion 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.
This press release is for journalists only and should not be relied upon by financial advisers or customers.
¹ As at 31 August 2015
² The Quilter Cheviot Climate Assets Fund, managed by Claudia Quiroz and William Buckhurst was shortlisted for a performance award at the Professional Adviser Awards 2015 and was winner of the Best New Entrant to the Climate Change Awards in 2010.
³ A reduction to the OCF of the A Share class from 1.85% to 1.65%
4 As at 30 June 2015