Posted inPeople Moves

Crabb takes over OMGI China fund as Lee departs

Diamond Lee has left Old Mutual Global Investors to pursue a career outside of fund management, Old Mutual confirmed on Friday.

Lee, who has managed the firm’s China Equity Fund since joining OMGI at the end of 2014 will be replaced by head of Asian equities, Josh Crabb.

According to the firm, Crabb’s existing portfolios are highly exposed to Chinese equities and he is “very familiar with the Chinese macroeconomic environment, having been based in Hong Kong since 2001”.

Crabb, to whom Lee reported, thanked Lee for his help in establishing the Asian equities team in Hong Kong in 2015 and said of his plans for the fund: “We will continue to operate a team-based approach to idea-generation for the fund.”

“I believe that we are entering an exciting time for Asian equities, which have been out of favour and under-owned for the last few years. China is currently undergoing a series of structural reforms as it moves from a manufacturing to service-led economy and we believe this transition presents a number of interesting investment opportunities.”

Old Mutual also took the opportunity to reaffirm its commitment to growing its presence in Asia, including assets within its Asian equity funds.

The firm recently hired Japanese equity manager Rob Weatherston and Singapore sales head Gerard Clancy.

“The team will look to add further top-class talent if the opportunity arises, which may potentially include recruiting another Chinese equity specialist,” OMGI said.

Lee left the firm on 22 July. 

Part of Mark Allen.