March 15 (Bloomberg) -- Old Mutual Plc, Africa’s biggest insurer, said Schroders Plc’s Richard Buxton will join as head of U.K. equities.
Buxton, who held the same post at Schroders, will report to Julian Ide, chief executive officer of Old Mutual Global Investors, the London-based insurer said in a statement today. He and his colleague Errol Francis will both leave Schroders, the U.K.’s biggest publicly traded money manager, on June 14.
Buxton, who runs the 3.7 billion-pound ($5.6 billion) Schroder U.K. Alpha Plus fund, is known for criticizing some of the biggest corporate takeovers, such as Glencore International Plc’s acquisition of Xstrata Plc. In May, he warned U.K. lawmakers against selling the government’s stakes in Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc to sovereign wealth funds at preferential rates.
His Alpha Plus fund has returned 8.9 percent over the past five years, beating 88 percent of its peers, data compiled by Bloomberg show. Buxton will continue to run a 160 million-pound pool he managed on behalf of Old Mutual while at Schroders. The Old Mutual Equity 3 Fund will be renamed the Old Mutual U.K. Alpha Fund, subject to regulatory approval.
He joins Old Mutual about a year after the firm merged its two U.K. fund-management units to expand in Britain, where the government is encouraging its ageing population save more for retirement privately. Though based in London, Old Mutual gets only a fifth of its revenue from the U.K., with the bulk coming from South Africa.
The fund manager joined Schroders in 2001 and has been head of equities since 2003. He previously worked at Baring Asset Management and Brown Shipley Asset Management. He studied English Literature at Lady Margaret Hall at Oxford University.
To contact the reporter on this story: Kevin Crowley in London at firstname.lastname@example.org
To contact the editor responsible for this story: Edward Evans at email@example.com