Investec Asset Management has lost its managing director of UK and European retail fund business, Ja...
Investec Asset Management has lost its managing director of UK and European retail fund business, Jamie MacLeod.
MacLeod, who has been with the group for two and a half years, joined Investec from Scottish Widows in 1999 and has been instrumental in bringing a number of highly rated managers to the group.
These included Paul Griffiths, Investec's head of fixed interest, and bond fund manager Michael Markham. He also orchestrated Investec's outsourcing deal of its European fund to Albert Morillo at BlackRock and rationalised the group's on and offshore fund range.
This included the launch of a UK Value fund and the Monthly High Income fund run by Griffiths. Hendrik du Toit, chief executive of Investec, said a replacement for MacLeod would be announced soon but stressed there was no crisis at the group and that sales director Andy Sowerby and marketing director David Aird remain in place. In a statement agreed with MacLeod, du Toit said: 'Jamie has played an important role in establishing our UK funds business. We wish him well for the future in his chosen career.'
Exactly what MacLeod's new role is, if he has one, du Toit and MacLeod would not to say. MacLeod, who initiated the move from the group, refused to comment on his reasons for leaving. He said: 'The market is changing and I have decided to pursue a new challenge.'
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