Old Mutual Global Investors has ended its contract with Impax Asset Management to run the £76.5m Old Mutual Ethical Fund, handing the contract in-house to Quilter Cheviot.
As a result of the manager shift, the fund’s ongoing charges will reduce by 0.2 per cent to 1.65 per cent.
Quilter Cheviot managers Claudia Quiroz and William Buckhurst will take over management of the fund from 1 December 2015, adding to the £130m already run by their sustainable investment team.
There is no change in the fund’s investment objectives or strategy, says OMGI.
Warren Tonkinson, managing director of Old Mutual Global Investors, says: “The Quilter Cheviot sustainable investment team have a vast amount of experience managing sustainable and ethical funds and we look forward to working with them on the management of the Old Mutual Ethical Fund.
“I’d like to thank Impax Asset Management for its support in managing the fund until now.”
The ethical fund is a sub-set of the Old Mutual Multimanager Trust. It has outperformed over three years, delivering 31.56 per cent compared to the ethical sector’s 26.39 per cent. However, over the shorter term is has underperformed, returning a 2.63 per cent loss over a year, compared to -1.36 per cent for the sector.
OMGI announced last week that it was making a number of changes to its investment teams. In particular it reshuffled its multi-asset team, marking the departure of John Ventre, François Zagamé and Stewart Cazier.