The investment firm is moving managing of two of its Asia funds to a global equities desk, which means a team based in Hong Kong leave in May.

Old Mutual Global Investors has shifted management of its two Asian equity funds, currently overseen via Hong Kong, to its global equities desk, headed by Ian Heslop, coming after a review of its operations. Josh Crabb and the Asia equities team will leave OMGI in May to follow other opportunities, it said.

The business decided that investors in the $179.7 million (as of 28 February, 2018) Old Mutual Pacific Equity Fund and the $420.7 million Old Mutual Asian Equity Income Fund will benefit from a change in their management.

“The OMGI global equities desk has significant experience in managing Asian equity strategies, combined with strong performance in the asset class, with the UK-domiciled Old Mutual Asia Pacific Fund, that is already managed by the desk, delivering 68 per cent versus the benchmark (MSCI AC Asia Pacific ex-Japan index) return of 44.3 per cent, over three years,” the firm said.

The global equities team is scheduled to take on management of the funds on 18 May 2018.

Despite the departure of Crabb and the Asia team, OMGI said “Hong Kong remains a core distribution centre for OMGI going forward”. Warren Tonkinson, managing director, OMGI, said: We’d like to offer reassurances to local Hong Kong-based investors that the region remains an important distribution hub for our business and we remain committed to growing our presence across Asia.”