Old Mutual brings US equity fund in house

Old Mutual brings US equity fund in house

Old Mutual Global Investors is taking the management of its £329m US Dividend fund in house.

The fund will be run by Ian Heslop, who currently jointly manages the £2.3bn Old Mutual North American Equity fund, which is the absolute top performer in the IA North America Sector over the past five years.

The US Dividend fund was previously run by Barrow, Hanley, Mewhinney & Strauss, a US firm.

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As part of the change the fund is being renamed the Old Mutual US Equity Income fund.

Amadeo Alentorn and Mike Servent will be co-managers with Mr Heslop on both of the funds, just as they work with him on the North American equity fund.

Mr Heslop, head of global equities at Old Mutual Global Investors said: “The US equity market has continued to rise, reaching new highs in recent times.

"With many now fearing that a sell-off is imminent, there is understandably concern over investing in the US.

"However, we believe this environment presents an excellent opportunity for active investors to prove their worth, looking beyond the large, over-valued stocks to identity the best investment opportunities."