Oxley exits Old Mutual over ‘difference of opinion’
Russ Oxley has left Old Mutual Global Investors (Omgi) following a “difference of opinion regarding future strategic direction” after only a year at the firm.
Mr Oxley previously worked at Ignis but left to join Omgi – along with his team – after its acquisition by Standard Life Investments.
Mr Oxley – and his five-strong team – left only months after the takeover with Omgi’s promise of launching the Absolute Return Government Bond strategy the team ran at Ignis.
Omgi launched the fund for him in October last year with an initial £100m in seed money from Old Mutual.
However, Mr Oxley departs Omgi in curious circumstances. His long-term colleagues have remained at the firm and taken over the fund. Omgi said Mr Oxley will leave with “immediate effect”.
Former Ignis and Omgi colleagues Adam Purzitsky and Paul Shanta have now been appointed as co-heads on the vehicle. The pair will report to investment director Paul Simpson.
The managers will continue to use the same investment process and philosophy for the fund.
Commenting on Mr Oxley’s departure and his appointment, Mr Shanta said the team originally joined Omgi because of its culture.
He said: “We joined [Omgi] because we were excited by the scope the firm offered us to manage the investment strategy we’ve spent our careers developing.
“The ‘CIO-free zone’ philosophy and collaborative, collegiate environment was very attractive to us. It is a highly distinctive part of the firm’s culture, and demonstrates an approach that is now the exception rather than the rule among major asset management firms.”
Omgi has also appointed two new members of the fund’s management team, in Mark Greenwood and Peter Meiklejohn, taking the total portfolio managers on the fund to six.
Mr Simpson said: “We are fully committed to the Absolute Return Government Bond team and fund, as demonstrated by the appointments of Mark and Peter.”
