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Ex-Ignis team joins Old Mutual in Scots expansion plan

The team that quit Ignis Asset Management yesterday have been hired by Old Mutual Global Investors which plans to open an office in Edinburgh.

Russ Oxley becomes head of fixed income absolute returns and rejoins former Ignis partners Adam Purzitsky and Paul Shanta who also left in a restructuring of Ignis’s top-rated Absolute Return Government Bond Fund (ARGBF) by new owner Standard Life Investors.

They will also be reunited with Jin Wong, a former portfolio manager who left Glasgow-based Ignis earlier this year after six years. Huw Davies and Joshua Heming complete the new team at Old Mutual.

It is understood that Oxley will report directly to Julian Ide, chief executive of Old Mutual Global Investors and will work on new product development.

Stewart Cowley, investment director, fixed income and macro, is believed to have played a key role in luring Oxley and his colleagues to Old Mutual which is now talking bullishly about its growth prospects.

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