OLD Mutual Global Investors (OMGI) is set to open an office in Edinburgh after hiring a team of fixed income specialists from Glasgow-based rival Ignis Asset Management.
Russ Oxley, former head of rates at Ignis, is leaving the business following its £390 million takeover by Standard Life Investments (SLI).
He is due to join OMGI next year as head of fixed income absolute return, along with Huw Davies, Joshua Heming, Adam Purzitsky, Paul Shanta and Jin Wong.
Oxley will report to OMGI chief executive Julian Ide, who said: “The appointment of this fixed income absolute return team clearly demonstrates that we are an attractive destination for top investment talent.
“By adding the investment skills of this new team to our existing highly regarded team, we will have one of the asset management industry’s most powerful fixed income operations.”
Ide said the former Ignis team – who between them have 80 years’ investment management experience – will also support the launch of a new of fixed income and absolute return products, subject to regulatory approval.
OMGI was launched two years ago by Old Mutual, the South African financial services group, and had assets under management of £17 billion by the end of June.
SLI said on Monday that Chris Fellingham, chief investment officer at Ignis since 2010, will assume responsibility for the firm’s £4bn Absolute Return Government Bond Fund, with support from SLI’s Jonathan Gibbs and Adam Skerry.