OMGI's Meier reshapes UK Equity Income fund to reduce dividend risk

Took over in January

Old Mutual Global Investors' Ed Meier has taken action to increase the number of holdings while also reducing dividend concentration risk in the Old Mutual UK Equity Income fund, following his handover from former manager Stephen Message.

Meier, who joined OMGI from Schroders with chief executive Richard Buxton in 2013, took over the £166m fund from Message at the start of the year, who has since resurfaced as a manager at Legal & General Investment Management. While Meier said he has avoided carrying out a "big revolution" of the fund, he has made a number of changes. In particular, dividend concentration has been a topic of discussion for IA UK Equity Income sector constituents, with recent data from Morningstar showing there were several UK Equity Income funds that were dependent on their top ten or even top five po...