Crabb will report to Julian Ide, CEO, and will be responsible for leading the development of the Asian equities product range, according to a statement.
From 15 October, Crabb’s team will manage two funds, the $270mn Old Mutual Pacific Equity Fund and the $40mn Old Mutual Asian Equity Fund, sub-funds of the Dublin-domiciled Old Mutual Global Investors Series umbrella fund. These products will be core to Old Mutual Global Investors’ UK and offshore client base.
Julian Ide, CEO of Old Mutual Global Investors, welcomed “such a high profile, high performing alpha manager” on board and added that OMGI is “designed for a changing world, allowing each fund manager to invest decisively with no house style. I believe that this gives our fund managers the freedom they need to perform”.
Crabb had been at BlackRock since 2007. His BlackRock Global Funds Asia Pacific Equity Income fund returned 59.5% since inception in September 2009 until the end of June 2014, when he ceased to have responsibility for the fund, according to the statement.
Over the same period, it beat the fund’s benchmark return of 39.6% (the MSCI AC Asia Pacific ex-Japan) and the fund’s peer group, the LM Equity Asia Pacific ex Japan, which returned 35.5%, the statement said.