Old Mutual Global Investors (OMGI) has hired former Ignis manager Russ Oxley to lead a newly-appointed fixed income absolute return team, Investment Week can reveal.
In addition to Oxley, the firm has hired Oxley's former Ignis colleagues Adam Purzitsky, Paul Shanta, Huw Davies, Joshua Heming and Jin Wong.
The six all worked on the £4bn Ignis Absolute Return Government Bond fund, the retail product that forms part of Ignis' £19bn rates strategy.
As Investment Week revealed yesterday, that fund has now been rolled into Standard Life Investments' own multi-asset capability following its takeover of Ignis.
The team will join Old Mutual Global investors during 2015 and will support the launch and future management of a new range of fixed income absolute return products, subject to regulatory approval.
Old Mutual Global Investors will also open an office in Edinburgh to continue the existing dual location arrangement that this team has operated.
OMGI chief executive Julian Ide said: "The appointment of this fixed income - absolute return team clearly demonstrates that we are an attractive destination for top investment talent.
"From the outset, we have retained and attracted the best investment talent offering compelling and reputable investment processes and track records, ‘star’ quality, strong cultural fit within the business and incremental distribution benefits."
“This is a very exciting development for Old Mutual Global Investors. By adding the investment skills of this new team to our existing highly regarded team, we will have one of the asset management industry’s most powerful fixed income operations. I look forward to working with all of this invigorated team next year.”
Old Mutual Global Investors has focused on building the fixed income team in recent years. In 2013, the firm boosted its high yield team with the appointments of a number of credit analysts.
Oxley and his team will complement Old Mutual Global Investors' existing fixed income specialists, including director of fixed income and macro Stewart Cowley.