UK equity income manager Alistair Mundy is to leave Morley Fund Management to join Investec Asset Ma...
UK equity income manager Alistair Mundy is to leave Morley Fund Management to join Investec Asset Management within the next few weeks, writes James Thorneley.
Investec recruited Mundy to strengthen its investment trust team after the departure of Richard Prvulovich to Gartmore in May. Mundy will work alongside Chris Burvill, head of UK equity income, with whom he used to work at CGU in the early 1990s. Burvill has management responsibilities for six of Investec's investment trusts.
While at Morley, Mundy ran the frA-rated CGU PPT Equity Income unit trust. He also ran the Monthly High Income and Quarterly High Income investment trusts, which both buy into other closed end funds. Morley said Mundy's equity income responsibilities will be taken up by Norwich Union's Scott McKenzie, who is joining Morley as part of the merger of CGU and Norwich Union. It has yet to be decided who will run the trusts of investment trusts.
Joining Burvill and Mundy in looking after Investec's investment trusts will be David Liddell. Liddell has been a finance director at Investec and is being moved across to concentrate on business opportunities in the split capital trust market.
Jamie MacLeod, managing director at Investec Asset Management, said: "We are really bullish about our investment trust business. We already have £700m under management but we are looking to increase this book over the next few years."
The largest trust managed by Investec is the £332m Temple Bar, run by Burvill. Over the three years to 5 July its share price has risen by 48.6%, compared with an average rise in the UK Income Growth sector of 35.9%.
As well as recruiting Mundy, Investec has taken on a number of sales personnel.
David Aird has joined from Gartmore and Eric Bateman, formerly at Templeton, has been appointed sales director for Europe.
Mike Brown and Keith Evans, previously at Scottish Mutual International and Royal SunAlliance respectively, have also joined in sales roles.
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