UK – Old Mutual Asset Managers (UK) has appointed Stephen Snowdon to head up the flagship corporate bond fund.

Snowdon will join a team of four, and will report to Sofia Skalistri, head of fixed interest. A spokeswoman for OMAM said that the team is going to be further strengthened. Snowdon will manage the corporate bond fund which has some 190 million pounds (271 million euros) under management.

Currently, Snowdon works for Aegon where he manages the Aegon Extra Income Fund. At OMAM he will replace Richard Woolnough, who is leaving in the New Year to join M&G.

Old Mutual is presently looking to acquire a UK asset manager as part of an international expansion plan.

A spokeswoman for the company confirmed statements in The Times newspaper that Old Mutual has nearly one billion pounds to spend on reinvesting in the UK, partly funded by the sale of its UK stock broking and investment management arm Gerrard. She added that, as yet, Old Mutual has not found “the right thing”.

The Times had cited industry sources as saying Old Mutual could target Henderson or Jupiter.