Old Mutual Global Investors has confirmed that the offshore Old Mutual Global Equity Income fund, managed by Ian Heslop (pictured), Amadeo Alentorn and Mike Servent has now launched.
The fund is a sub-fund of the Dublin domiciled Old Mutual Global Investors Series plc umbrella fund.
OMGI said the product has been developed in response to client demand for an income generating product managed by the award winning Old Mutual Global Investors Global Equity Team.
The fund is designed to service Old Mutual Global Investors’ UK and offshore client base and targets a total return through a combination of income and capital growth, with a monthly income targeted at 30% above that of the benchmark (MSCI All Countries World Index).
Old Mutual Global Investors has also confirmed today that it has notified investors in the £38.8m onshore Old Mutual Global Equity Income Fund, sub-advised by O’Shaughnessy Asset Management (“O’Shaughnessy”), that it will be closing that fund on 15 September 2015, subject to regulatory approval.
The O’Shaughnessy managed fund is a sub-fund of the Old Mutual Balanced Funds ICVC.
“This onshore fund has seen a gradual decline in assets over the last few years. Given the small size of this fund and the associated operating costs, Old Mutual Global Investors believes that it is no longer in the best interest of clients to continue running this fund and that investors will be best served by having their proceeds returned in order for them to reinvest in other products,” the company said.
Warren Tonkinson, Managing Director at Old Mutual Global Investors, comments: “We’ve experienced a high level of client demand for an offshore global equity income fund managed by Ian Heslop and his team. We are delighted that this fund is now live and will become a core part of our global fund range, available to both UK and offshore investors.
“We believe our decision to close the onshore Old Mutual Global Equity Income fund is in the best interest of investors. Clients have been informed of our decision to close this fund and of the options available to them. We would like to thank O’Shaughnessy for their management of the fund.”