Three star managers quit in Standard Life Investments shake-up
Three star managers at Ignis Asset Management have resigned as part of an integration of their top-rated fund into new owner Standard Life Investments, Daily Business has learnt.
City high flyers Russ Oxley, Adam Purzitsky and Paul Shanta are due to leave the Glasgow-based firm’s Absolute Return Government Bond Fund (ARGBF), regarded as the jewel in Ignis’s crown. Stuart Thomson will be the only named manager to remain under fund founder and chief investment officer Chris Fellingham who will take on direct control.
Fellingham will also assume responsibility for embedding the Ignis alternative rates capability, a form of fixed income, within Standard Life Investments’, positioning it alongside its global absolute returns strategy (GARS).
Fellingham, who has been CIO of Ignis since 2010, has 30 years’ experience in the industry and extensive expertise in running global macro funds. Jonathan Gibbs and Adam Skerry from SLI’s inflation team will assume additional responsibilities for the ARGBF strategy.
Keith Skeoch, chief executive of SLI, said: “Their combined expertise in inflation products will be a highly-valuable addition to the team.
“The integration of the ARGBF is a natural extension of our absolute returns offering, complementing our world-leading suite of absolute return products.”
The added responsibilities for Fellingham and the embedding of the fund is the latest in the process of integrating Ignis following SLI’s £390m acquisition of the company from Phoenix in March this year. Ignis has £59 billion under management and the acquisition has turned SLI into one of the UK’s biggest fund managers.
SLI expects to make a number of redundancies as part of the integration process but said yesterday there was no update.
The company has recently completed reviews of top positions in its equity and real estate funds.