Alan Sinstead quits Investec sales position

Alan Sinstead has resigned from Investec Guinness Flight where he was head of IFA sales.

Sinstead's decision to leave comes on the eve of the arrival of Jamie MacLeod as managing director of the unit trust company. He joins the group from Scottish Widows Investment Management where he was managing director. Philip Saunders, sales and marketing director at Investec, said: "Alan had made his decision to leave before Jamie was appointed. He had a different view on what his role involved and wanted the IFA sales team to be built more rapidly than actually happened."

MacLeod will make the decision whether to replace Sinstead, previously sales director at GT Global, when he takes up his post. At the same time the Inland Revenue has decided that the group's offshore Wired fund is not eligible to be included in an Isa. The group had been lobbying the Revenue for the fund to be allowed to be included. Since its launch in the autumn the fund has amassed $30m from investors mainly from the UK and the Far East.

The fund's portfolio tracks the Wired Index which was conceived by the editors of Wired magazine, a leading publication dedicated to the new information economy. Most of the companies in the index are domiciled in the US but are developing strong global franchises. Among these are AIG and SmithKline Beecham.

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