Investec says the decision to move the management of its £1.85bn Global Energy fund in-house is just an initial step in the firm's push to become a major player in commodity investing.
Domenico Ferrini, Investec Asset Management investment director, says while the firm currently is only a ‘small fish’ compared to the likes of BlackRock – it has just pushed through the $5bn barrier of commodity assets under management.
Earlier this afternoon Investec stripped control of its Global Energy fund from veteran energy specialist Tim Guinness.
New recruits to the Investec energy team, former Goldman Sachs energy analysts Mark Lacey and Jonathan Waghorn, will assume responsibility effective immediately (subject to regulatory approval).
“The decision to move the (global energy) fund in-house is not related to bad performance at all, in fact it has been quite successful for us,” he says.
“We now have the focus and the specialist capabilities in place to take command of this fund, something we didn’t have in 2003.”
Ferrini says although no new commodity related launches are expected soon, the firm will continue to build in the area.
“We launched a commodity related hedge fund last year and that has returned 40% since launch,” he says.
“We are hoping to take our capabilities in this area even further, as well as continuing to scale our existing products.”
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