Old Mutual Hires Oxley, Ignis Bond Team for Edinburgh

Old Mutual Global Investors hired Russ Oxley and five other bond managers from Ignis Asset Management Ltd. for a new absolute-return team.

Oxley, Ignis’s head of rates, will be in charge of fixed-income absolute return at Old Mutual, and will be joined by Huw Davies, Joshua Heming, Adam Purzitsky, Paul Shanta and Jin Wong, the London-based company said in a statement today. They are to start next year and will work out of a new office in Edinburgh.

“By adding the investment skills of this new team, we will have one of the asset-management industry’s most powerful fixed-income operations,” Old Mutual Global Chief Executive Officer Julian Ide said in the statement.

Old Mutual hired the team, which managed the 4.2 billion-pound ($6.7 billion) Ignis Absolute Return Government Bond Fund, after the firm was acquired by Standard Life Investments Ltd. in March. Edinburgh-based Standard Life said yesterday it would integrate the fund with its existing multi-asset team, and named Chris Fellingham, Ignis’s chief investment officer, to oversee the product.

A spokesman for Standard Life said yesterday that “several” members of the Ignis rates team were leaving, without identifying them. Standard Life has already replaced Ignis managers with its own staff on 15 equity funds after combining the 11 billion-pound equity business in August.

Old Mutual Global has expanded its assets under management to 17 billion pounds since its creation in 2012. Its fixed-income team of nine is headed by Christine Johnson, who reports to Stewart Cowley, investment director of fixed income and macro.

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