Russ Oxley, the designer of two successful absolute-return government bond funds at Old Mutual Global Investors and before that, Ignis Asset Management, has left Old Mutual after what the £26 billion manager called "difference in opinion regarding future strategic direction".

Oxley, recruited in October 2014 by Old Mutual Global Investors' former chief executive Julian Ide as head of the fixed-income absolute-return team, is leaving with "immediate effect" according to a statement released by the fund manager on June 14.