Old Mutual is to recreate its Standard & Poor's AA-rated £73m Worldwide global equity fund as an ...
Old Mutual is to recreate its Standard & Poor's AA-rated £73m Worldwide global equity fund as an actively managed portfolio run along sector lines by its global equities desk, according to Investment Week.
Currently, the fund is managed using Old Mutual's active quants system, which the asset manager no longer believes is marketable in the retail context, but it will move to active management from 1 April.
The global equities desk, which was set up last year, is structured around six global sectors and is designed to put Old Mutual into a position from which it can launch further sector funds.
Retail demand will determine the timing of the launch of the further sector funds to be run by the desk, which is headed by Fiona Hathorn who joined Old Mutual in September from Hill Samuel.
The six sectors on which funds can be based are technology, healthcare, financials, energy, consumer staples and industrials.
Although there is no firm timetable for the launch of any new funds, Graham Kane, chief executive of Old Mutual Asset Managers said: "Clearly this is building up the capability which will allow us to run sector funds."
The Worldwide fund will be managed by Simon Weston and invested along global sector lines starting from a top down perspective supplied by Old Mutual economists Nigel Morgan and Mervyn Anthony.