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AA-rated manager’s team handed $430m US fund

AA-rated manager’s team handed $430m US fund

Old Mutual Global Investors (OMGI) has handed its $431.6 million US Dividend fund to the firm’s global equities team, the company has announced.

The Old Mutual US Dividend fund was previously managed by Barrow, Hanley, Mewhinney & Strauss, LLC (‘Barrow Hanley), and has now been insourced to OMGI’s global equities team, headed by the firm’s head of global equities, Ian Heslop.

The fund will now be managed by OMGI’s AA-rated trio of Heslop, Amadeo Alentorn and Mike Servent.

The three managers run several funds at the firm including the Old Mutual North American Equity fund at present.

The team has worked together for over 12 years and manage in excess of $15 billion in systematic equity funds.

As part of the change, the objective of the US Dividend fund has been amended, removing the explicit limitation to investments in larger companies, which have dividend characteristics and appear undervalued relative to their market.

Going forward, the objective of the fund will be to seek to achieve asset growth through investments in a diversified portfolio of equity and equity-related securities.

Commenting on the change, Heslop 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 understandable concern over investing in the US.

‘We believe this environment presents an excellent opportunity for active investors to prove their worth, looking beyond the large, over-valued stocks to identify the best investment opportunities.’

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