Old Mutual Global Investors has launched its first Cayman Islands-based hedge fund.
Wealth Manager reported that Old Mutual seeded $50 million to the new fund to broaden its appeal to investors. The new fund will be run by Ian Heslop, the current head of quantitative strategies at Old Mutual Asset Management.
Donald Pepper, the group’s managing director of alternatives, said OMGI is looking to expand its hedge fund business.
OMGI was formed in 2012, combining Skandia Investment Group’s multi manager expertise with Old Mutual Asset Managers’ direct investment background.