WEALTH WATCH
STEPHEN CRANSTON: Old Mutual revises its investment boutique strategy — again
Small caps unit is among the casualties
The Old Mutual investment boutique strategy has gone through several versions. It has consolidated its four equity shops into one. Now it is sadly closing some sub-scale shops. Warren Jervis, who was running small caps as a one-man-band, is being retrenched, which is a sad day as he is one of the dwindling band of characters in the sector. The Global Emerging Markets boutique will close and team leader Sibusiso Nxumalo will be redeployed in Old Mutual Equities. It is not clear where his talented colleague, Feroz Basa, will end up, but he could make a living on the talk show circuit. Business Day has heard from several sources that Old Mutual is also planning to close its ill-fated “Titan” global equity boutique. There was no need to set up this boutique as it already has a longstanding relationship with an excellent global equity manager, Ian Heslop, and his team at Merian in London (previously known as Old Mutual Global Investors). It was attracting a healthy 13% of the retail flow...
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