The Old Mutual UK Alpha fund, which primarily invests in UK firms, including listed money managers, is set to reach £1 billion in assets before the end of this year.

The Old Mutual UK Alpha fund, which primarily invests in UK firms, including listed money managers such as SJP and Legal&General, is set to reach £1 billion in assets before the end of this year.

The fund started in 2013 with less than £150 million in assets, but has grown explosively since Richard Buxton became its lead manager in March.

The fund currently holds about £950 million having enjoyed £250 million in inflows in October alone.

This publication contacted Old Mutual, who declined to comment on the fund’s strong performance due to a no-marketing restriction placed on the fund until 16 December.

Buxton, a well-known industry heavyweight, previously managed Schroder’s flagship fund, the Schroder UK Alpha Plus, which has taken a serious dip in assets since Buxton’s departure.

Prior to joining Old Mutual Global Investor’s quantative team, Buxton served as head of UK equities at Schroders. He previously worked as UK equity manager at Baring Asset Management, after a brief stint at GRE Asset Management. He started his career in 1985 at Brown Shipley Asset Management as a fixed income and equity investment manager.