Asset manager finds Scots HQ
Old Mutual opts for Charlotte Square Collection
Old Mutual Global Investors is to open its first Scottish office in the heart of Edinburgh’s historic financial district. It will move to the Charlotte Square Collection, a managed estate of 21 refurbished Georgian townhouse properties.
The firm has taken the 2nd and 3rd floors, equivalent to 1,760 sq ft, of the corner property on a 10 year lease. The deal was finalised ahead of works being completed.
Companies that have moved into the Collection include Cornelian, Ruffer, Murray International, Handelsbanken and Syz & Co, as well as the recently launched private bank Hampden & Co.
Old Mutual last year hired three top-rated fund managers who left Glasgow-based Ignis Asset Management as part of its integration with new owner Standard Life.
Russ Oxley, who managed one of Ignis’s top funds, was appointed head of fixed income absolute returns. He was accompanied by Adam Purzitsky and Paul Shanta. They left Ignis as part of the restructuring by Standard Life Investments boss Keith Skeoch who is integrating Ignis into the business.
They were reunited with Jin Wong, a former portfolio manager who left Ignis earlier last year after six years. Huw Davies and Joshua Heming completed the new team at Old Mutual.
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.
After revealing those appointments Old Mutual said it would be looking for offices in the city.
A week later it acquired discretionary firm Quilter Cheviot in a £585 million deal. Quilter Cheviot has had offices in Saltire Court since 2011.
Mr Oxley and his rates and liability driven investment team will be joined in Charlotte Square by Allan MacLeod, head of international distribution, and sales representatives who cover Scotland.
Old Mutual Global Investors is the asset management division of Old Mutual Wealth and has grown strongly since its creation in August 2012. The staff of 214, including a team of 51 investment professionals, manage £21 billion.
Julian Ide (pictured), chief executive of Old Mutual Global Investors, said: “This is an important step for our business, one that demonstrates our commitment to our Scottish client base. Being based in Charlotte Square is also important as it ensures that we are at the heart of the Edinburgh financial services industry.”
Corran Properties acts as the asset manager for the Charlotte Square Collection and approaches the management of the Georgian properties as a long term custodian of an important Edinburgh asset.
Nick Ball for Corran said: “We are delighted to welcome Old Mutual Global Investors to the Charlotte Square Collection, where we are creating an enviable hub of high-end, high quality financial services companies. Number 10 is a magnificent townhouse, in an iconic square that is known and recognised internationally as a prestigious address.”