Old Mutual Global Investors has appointed two investment boutiques, specialising in Brazil and emerging Europe, to manage its emerging market ex-Asia exposure across its £5bn multi-asset portfolios.
The move means an end to the five-year management by Henderson Global Investors, which had previously taken responsibility for managing the money.
The emerging market ex-Asia mandates form part of the £1.2bn Old Mutual Voyager Global Dynamic Equity fund, managed by François Zagamé.
The two boutiques are RenAsset, which specialises in Emerging Europe investments, and Rio de Janiero-based Jardim Botânico.
OMGI has allocated a £53m mandate to Jardim Botânico, which follows a value-orientated approach and is focused exclusively on Brazilian companies.
RenAsset will manage a further £72m. Lead fund manager Plamen Monovski follows a value-based contrarian apporach and also incorporates a macroeconomic perspective.
Zagamé said: "Our approach tends to favour local insight and expertise and we believe that we have now identified two outstanding local players with a very strong competitive advantage in their respective markets.
“The team at Henderson did an outstanding job and the decision to opt for this new dual structure, as opposed to a single manager approach, has not been an easy one. We would like to take this opportunity to thank Henderson for their input over the last five years.”
