Manager Research

Over the course of the past two months Old Mutual has announced a number of changes within both the business and team structure of Old Mutual Investments. These changes are the culmination of a rationalization process that was started when Khaya Gobodo joined the business in 2018. We outline the key changes below.

1. Old Mutual Equities and MacroSolutions merge

The merger of Old Mutual Equities and MacroSolutions is the most material of the changes announced. The combined entity, which will operate under the MacroSolutions brand as an integrated ‘solutions’ business, has more than R175bn assets under management. This merger follows the closure of the Global Emerging Markets boutique and the consolidation of the Old Mutual local equity fund range in 2019. We wrote about these changes here. The newly combined MacroSolutions business will offer local equity, local property, African equity, global equity, and multi-asset solutions for clients. The integration of Old Mutual Equities into MacroSolutions has been a three-year project as the two businesses have aligned their equity research processes. The separate businesses already operated with a centralised pool of equity analysts and a singular investment philosophy. These have now been formalised in the new structure.

This change is positive as an integrated equity research process allows more nuanced portfolio construction decisions to be made within the multi-asset offerings managed by MacroSolutions.

2. Siboniso Nxumalo appointed head of MacroSolutions

Siboniso had been the head of Old Mutual Equities since the retirement of Peter Liddle. While he is the figurehead of the business he will work closely with Peter Brooke. Peter has been the head of MacroSolutions since its inception 14 years ago, and will focus his time on fulfilling a head of investments type role as well as developing the offshore equity process for MacroSolutions.

We have spent time with both Peter and Siboniso and view this change as a positive development for MacroSolutions.

3. Tebogo Naledi promoted to head of Old Mutual Investment Group (OMIG)

Tebogo takes over from Khaya Gobodo, who will focus on his role as the overall MD of Old Mutual Investments. Since joining Old Mutual in 2018 Khaya has fulfilled both roles concurrently. This change will allow Khaya to focus on the broader Old Mutual Investments^[1] business now that the rationalisation of OMIG has been completed.

Tebogo has been promoted from the director of institutional business, a role he held since 2018. Prior to working at Old Mutual, Tebogo held a range of senior positions at Aluwani, Afena Capital and Investec Asset Management Botswana.