OMGI unveils offshore income fund for Heslop as onshore vehicle shuts

New fund will be run by head of global equities and his team

Old Mutual Global Investors (OMGI) is to close its onshore Global Equity Income fund, run by O'Shaughnessy Asset Management, while it has launched an offshore global income product for head of global equities Ian Heslop and his team.

Last month, the firm announced its intention to launch the offshore fund, while placing the £38.8m onshore vehicle under review due to declining assets. Warren Tonkinson, managing director at OMGI, said: "We believe our decision to close the onshore Old Mutual Global Equity Income fund is in the best interest of investors. "Clients have been informed of our decision to close this fund and of the options available to them. We would like to thank O'Shaughnessy for their management of the fund." The fund will close on 15 September, subject to regulatory approval. Meanwhile, OMGI's ...