Stewart Cowley, recently-appointed head of fixed interest and macro at Old Mutual Asset Management (Omam), has taken over the management of two funds.
He will run the Global Strategic Bond fund and Dynamic Bond fund, replacing the previous managers, Richard Stevens and Chris Palmer, respectively.
Fund Strategy understands that Stevens will continue to work as part of Cowley’s team but Omam declined to comment on the employment of Palmer.
This will be the fourth manager change on the Dynamic Bond fund in less than two years. Chris Higham ran the fund with Tunks from May 2006 until he departed for Morley in November 2007. Tunks continued with the vehicle until he left at the end of last year before passing it to Palmer, who in turn passed it to Cowley.
In December 2008, it was announced that Cowley was joining from Newton Investment Management, where he was head of fixed income, in June 2009. As a result, Andrew Tunks, the previous head of fixed interest and macro at Omam, left the group.
At Newton, Cowley ran the International Bond fund and the Mellon Global Bond fund, based in Dublin.
For the year to December 2008, the International Bond outperformed many of its peers. It returned 27.48%, compared with the Global Bond sector average of 10.18%, ranking it 12th out of 41 funds, according to Morningstar.
Omam says there will be no changes in the way the Global Strategic Bond fund and Dynamic Bond fund are
run, in terms of objective and investment approach, as a result of Cowley’s appointment.