Old Mutual is to end Impax Asset Management’s mandate to run its £77m Ethical fund later this year.
On December 1, Quilter Cheviot, OMGI’s discretionary fund management business, will take over management of the fund.
Claudia Quiroz and William Buckhurst will become the managers of the fund as a result.
The move will result in ongoing charges falling by 0.2 percentage points. The OCF for the A Share class will drop from 1.85 per cent to 1.65 per cent.
The group confirmed that despite the change of management, “there is no change to the fund’s risk profile, investment objectives or policy”.
In the past three years the fund has returned 33.8 per cent, while the IA Global sector has returned 28.8 per cent, according to data from FE Analytics.
Warren Tonkinson, managing director of OMGI said: “The Quilter Cheviot sustainable investment team have a vast amount of experience managing sustainable and ethical funds and we look forward to working with them on the management of the Old Mutual Ethical Fund.”
The change come shortly after OMGI decided to merge the Old Mutual multi-asset team with members of the Quilter Cheviot team.