Old Mutual chooses Charlotte Square for Scots office

Edinburgh’s historic Charlotte Square has attracted its latest occupier from the international financial services sector.

OMGI chief executive Julian Ide hailed 'important step'. Picture: Contributed
OMGI chief executive Julian Ide hailed 'important step'. Picture: Contributed

Fund manager Old Mutual Global Investors (OMGI) has chosen the city centre site for its first office in Scotland, signing a ten-year lease on two floors of 10 Charlotte Square, which forms part of a portfolio of 21 Georgian townhouses managed by the Charlotte Square Collection.

OMGI chief executive Julian Ide said: “This is an important step for our business, one that demonstrates our commitment to our Scottish client base. Being based in Charlotte Square is also important as it ensures that we are at the heart of the Edinburgh financial services industry.”

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The asset manager’s move to the city comes after it hired a team of fixed income specialists, led by Russ Oxley, from Glasgow-based rival Ignis Asset Management last year. As head of fixed income absolute return, reporting to Ide, Oxley manages a team that includes Huw Davies, Joshua Heming, Adam Purzitsky, Paul Shanta and Jin Wong. A product launch is planned for this coming months.

OMGI chief executive Julian Ide hailed 'important step'. Picture: Contributed

OMGI joins a growing list of financial services tenants within the square, which is also home to Bute House, the official residence of the First Minister. Earlier this year, Swiss asset manager Syz & Co and Swedish lender Handelsbanken took up space within the renovated townhouses. Private bank Hampden & Co and investment managers Amati, Cornelian and Ruffer are also based on the square, designed in 1791 by Robert Adam.

Nick Ball of Corran Properties, which manages the properties for the Charlotte Square Collection, said: “We are creating an enviable hub of high-end, high-quality financial services companies. Number 10 is a magnificent townhouse, in an iconic square that is known and recognised internationally as a prestigious address.”

OMGI was launched in 2012 by Old Mutual, the South African financial services group, and last week said that fund under management had grown by 7 per cent to £22.4 billion during the first half of the year. Adjusted operating profits surged 88 per cent to £30m.