19/08/2015
OMGI closes a fund
p { margin-bottom: 0.25cm; line-height: 120%; } Old Mutual Global Investors is closing the onshore Global Equity Income Fund, and is meanwhile preparing to launch an offshore version, which will be managed by Ian Heslopp, Amadeo Alentorn and Mike Servent. The Old Mutual Global Equity Income Fund, whose sub-adviser was O’Shaughnessy Asset Management, has only GBP38.8m in assets, after seeing such a steady decline in its assets over the past few years that the costs of operating the vehicle have become too high, Old Mutual explains. The strategy has consistently underperformed its sector, with gains of only 9.45% over three years, compared with returns of 36.41% in the same period for equivalent funds. The fund will be closed on 15 September, while the fund in preparation will be domiciled in Dublin, and will be available both to British and to offshore clients. The fund has a monthly performance objective 30% higher than its benchmark, the MSCI All Countries World Index.
