Old Mutual Global Investors (OMGI) is set to revamp its Asia funds after hiring BlackRock’s Joshua Crabb as head of Asian equities, Investment Adviser can reveal.
Mr Crabb ran the top performing Luxembourg-domiciled BGF Asia Pacific Equity Income fund, which returned 58.6 per cent since the fund was launched for him in September 2009 compared to the MSCI Asia Pacific ex Japan index’s 45.6 per cent in sterling terms, according to data from FE Analytics.
He will lead the development of the Asian equities product range as well as manage the Dublin-domiciled $270m (£166.4m) Old Mutual Pacific Equity fund and the $30m Old Mutual Asian Equity fund.
These funds are currently outsourced, but will be taken over by Mr Crabb on October 15. The Pacific Equity fund is run by First State Investments’ Alistair Thompson while Asian Equity is run by Metisq Capital’s Kenny Tjian and John Beggs.
Mr Crabb, who worked at Prudential Asset Management in Singapore before joining BlackRock in 2007, will start in the OMGI offices in London on October 1. However, he expects to return to Hong Kong when he receives the required regulatory approvals.
He will report to Julian Ide, chief executive at OMGI, who said clients would welcome the hire.
“We are designed for a changing world, allowing each fund manager to invest decisively with no house style,” Mr Ide said.
“Joshua will strongly support our strategy of focusing on global financial institutions, supported by our Latin America, Europe and Asian distribution funds.”
He will be supported by Kris Whitlock and Dmitry Lapidus, both analysts from BlackRock, who are due to join OMGI on September 22.
Mr Crabb’s BGF Asia Pacific Equity Income fund will be taken over by Andrew Swan, head of Asian equities and Oisin Crawley, head of research, within the Asian equities team at BlackRock.
