Investec Asset Management has promoted Alastair Mundy to lead manager of its £39.4m Cautious Manage...
Investec Asset Management has promoted Alastair Mundy to lead manager of its £39.4m Cautious Managed and £29.4m UK Value Income funds, replacing Chris Burvill.
Burvill is to join Gartmore as head of UK equity income, an area in which the group needs to improve performance.
From 26 November, Mundy will also assume responsibility for the £432.1m Temple Bar Investment Trust, subject to the approval of its board. Burvill will continue to run Temple Bar for the remaining four months of his contract.
Investec Fund Managers joint managing director David Aird said there would be no change of style in any of the funds under Mundy's leadership.
Despite the added load on Mundy, he said he is confident of the manager's ability, noting the 'massive amount of stock replication' and similarity in style between the two funds and the trust Mundy will be managing.
Head of equities and balanced pool pension fund manager, Nick Mottram, has also been appointed co-manager of the Cautious Managed fund, and will assist Mundy with asset allocation.
Gartmore head of UK equity Jon Thornton said the group had yet to decide which of its funds Burvill would manage once he joins but discounted the possibility he would be running investment trusts.
First time in history
Hymans Robertson’ Guided Outcomes
Our weekly heads-up for advisers
More than £167,000 raised
Beware ‘temporary’ vulnerability