Move follows departure of former manager Julian Chillingworth to Rathbones
Investec Asset Management's head of global equities Nick Mottram has taken over as manager of the group's offshore American Equity fund.
This follows the departure of Julian Chillingworth to Rathbones where he is to take up a role as deputy chief investment officer under Hugh Priestly, helping to develop the group's investment process.
Chillingworth, who will be lead manager on Rathbone funds in the future, according to unit trust managing director Peter Pearson Lund, has previously worked as head of European equities at Bankers Trust and as investment director for UK equities at GAM.
Investec's offshore US fund is part of the group's FSA-recognised Investec Global Strategy Funds Guernsey-based unit trust platform.
This is one of two platforms it has on the island, the other being the Investec International Accumulation Funds.
The two ranges have nine bond and seven money market funds between them and Investec is looking to rationalise the range later this year, but keep the two platforms. Investec is also looking to rationalise its onshore range of funds. It is planning to launch an Oeic in November and will use the opportunity to merge portfolios when its unit trust range is converted into Oeic subfunds.
The group is not yet able to announce which funds it hopes to merge away, although the £2.38m Investec GF World Markets Portfolio managed by Mottram looks likely to be rolled into the larger £58.77m Investec GF Global Privatisation fund managed by Jeremy Podger.
The Oeicing process is also likely to involve a fourth quarter launch of a sterling high yield bond portfolio, something its onshore range lacks.
This follows the recruitment of Michael Markham and head of fixed income Paul Griffiths, both AAA-rated managers from Invesco.
Investec is also considering the possible launch of an international bond fund, something which it does not have onshore although it has offshore global bond funds. The lack of a onshore US fund is something that Investec is also looking to address. According to managing director Jamie MacLeod, the absence of such a portfolio reflects the fact that it is still a developing asset management business.
MacLeod said that over the last 18 months Investec had built up a strong fixed interest capability under Griffiths, a powerful global equity proposition under Mottram, a strong European story from the outsourcing deal with BlackRock's Albert Morillo, and a UK story that is now receiving recognition.
MacLeod said: 'Sterling high yield is still likely for the fourth quarter. We have got the expertise but it ties in with our Oeic programme which is currently going through the necessary legal processes. We are hoping to launch the Oeic in November. Rationalisation is likely and the odd fund will be merged away.'
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