Old Mutual Global Investors' Asian Equities Team has received regulatory approval to operate from the financial services giant's Hong Kong office. This is the first time the business will have on-the-ground fund management capability in Asia.

The group's CEO, Julian Ide, intimated that there was a speculative air about the move: "Asian industry is leading the field of endeavour in many sectors and we are keen to learn what makes the market so special."

Old Mutual Global Investors, which has been described as a vertically integrated retail investment platform and asset management business, runs three funds, the Old Mutual Asian Equity Fund and the Old Mutual Pacific Equity Fund which are managed by Josh Crabb, who joined in October 2014 and the Old Mutual Greater China Equity Fund, managed by Diamond Lee, who joined the business in November 2014. The team now manages US$500 million in the region.