Old Mutual Global Investors has launched a European smaller companies fund for recent hire Ian Ormiston.
The former Ignis manager (pictured) aims to achieve long-term capital growth through investing in smaller companies in Europe, excluding the UK. The portfolio will hold between 40 and 55 equally weighted stocks.
The team will focus on companies with a market cap of less than €1bn, in the hope of finding cheap growth opportunities.
Ormiston's former Ignis European Smaller Companies fund returned 80.6% over the final three years of his tenure, according to FE, compared with an IMA European Smaller Companies average return of 53.2%.
However, after Standard Life Investments acquired Ignis, Investment Week revealed Ormiston was unlikely to remain in his role. In October he moved to OMGI.
OMGI head of UK equities said: “As Ian has an excellent investment track record from investing in UK and European markets for over 20 years, including 16 years specialising in investing the European smaller companies, we believe there is strong demand for this product from our global client base.”