The Old Mutual Global Equity Fund must be the most consistent performer in the group’s unit trust stable. It is run by the same team and with the same process that was adopted when Old Mutual set up an international asset management business in the UK in the 1990s. The fund itself was launched in April 2000 once exchange control relaxation allowed the group to launch a dedicated international offering.

In its global expansion spree, the life office spent more than $2bn buying United Asset Management, a group of disparate fund managers in the US. But none of the affiliates Mutual bought provided the same consistent return on their global equity mandates as the London team...

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