Old Mutual Global Investors has closed its onshore Global Equity Income fund, run buy O’Shaughnessy Asset Management, and confirmed the launch of an onshore version.
The £38.8m onshore fund will be closed on September 15, subject to regulatory approval, due to its small size and operation costs. It has seen a gradual decline in assets over the last few years.
Meanwhile, the asset manager has confirmed the launch of the offshore Old Mutual Global Equity Income fund managed by Ian Heslop, Amadeo Alentorn and Mike Servent. The fund will be domiciled in Dublin and made available to both UK and offshore clients.
The fund targets a total return through a combination of income and capital growth and has a monthly income target at 30 per cent above its benchmark, the MSCI All Countries World Index.
Warren Tonkinson, managing director at OMGI, said: “We’ve experienced a high level of client demand for an offshore global equity income fund managed by Ian Heslop and his team.
“We believe our decision to close the onshore Old Mutual Global Equity Income fund is in the best interest of investors. Customers 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.”
