Old Mutual makes three Coronation hires

Old Mutual makes three Coronation hires

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JOHANNESBURG – Old Mutual Investment Group (OMIG) has hired three members of Coronation’s global emerging markets team to set up and manage an SA-based global equities capability, it announced on Wednesday.

The new investment offering will complement OMIG’s emerging market capabilities, the group said in a statement.

The three-person team includes Pieter Hundersmarck, David Cook and Kyle Wales.

“They joined Coronation during the developmental phase of the business’s Global Emerging Markets capability, and thus have valuable experience in establishing a global equity investment business,” commented Hywel George, director of investments at OMIG.

Hundersmarck, who holds an MSc in Finance, has worked for Merck & Co, as well as ABN AMRO, as a mergers and acquisitions analyst. He joined Coronation’s emerging markets team in November 2007 and went on to co-manage the global emerging markets (GEM) flexible unit trust fund.

Wales is primary analyst for banks and insurers in Coronation’s GEM fund, which has assets under management (AuM) exceeding R5 billion. He spent more than eight years at Coronation as an equity analyst, following three years in the trainee accountant banking division at PwC.

No current information could be found for David Cook and Coronation had removed the three profiles from its website. Coronation could not immediately be reached for comment on what the loss of these employees means for its GEM fund and whether it plans to replace them.

OMIG’s George said that all three gentlemen have “notable investment performance track records” and are “hungry to build this key capability into a significant success story”.

As South African investors increasingly seek offshore exposure in their investment portfolios, George believes that an actively managed in-house global equity strategy will enhance the business.

OMIG established its boutique investment structure in 2007.

Its parent company, Old Mutual plc, on Tuesday cautioned that gross sales in the year to date have been hurt by the continued weakness of the rand, which is the currency in which the group generates most of its profits. Volatility in other African currencies and lower average equity markets have also hampered group earnings.

Additionally, exit fees on investment products in Old Mutual Wealth in the UK have been capped, while in South Africa Old Mutual has seen larger than expected claims experiences in its short-term insurance and corporate business.

Old Mutual plans to establish a new SA holding company to house its emerging markets business.

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