Following on from the recent launch of its Wired Index offshore fund, Investec Guinness Flight, the ...
Following on from the recent launch of its Wired Index offshore fund, Investec Guinness Flight, the UK subsidiary of South Africa's Investec Group, has poached three UK fund managers from Schroders.
Investec Guinness Flight manages £15bn while Schroders manages £63bn.
Jeremy Rigg, Michael Rimmer and Nigel Dutson joined Investec Guinness Flight on 10 January. They left Schroders shortly after the company announced it was reallocating a number of its managers to become account managers responsible for client relationships.
A Schroders spokesperson confirmed that Rigg, Rimmer and Dutson would not have been affected by this and would have remained dedicated UK fund managers.
Rigg, who was managing Schroder UK Growth Investment Trust, will be replaced by Chris Rodgers.
At Investec Guinness Flight, the new team will manage £2bn of UK equities. This includes the £55m invested in the offshore Guinness Flight Global Strategy - UK fund, £1.2bn in a range of balanced funds, £600m in segregated accounts run for insurance companies and £24m invested in the unit trust Investec Guinness Flight Blue Chip Portfolio Trust.
The new appointments come after another recent addition to Investec Guinness Flight. Jamie MacLeod, previously of Scottish Widows, joined in December as managing director of the UK unit trust division, which presently manages £400m.
Commenting on the appointments, Hendrik du Toit, chief executive officer at Investec Guinness Flight, said that the appointments reflect the company's determination to succeed in the UK retail and institutional markets.
In October last year, Investec Guinness Flight launched the Wired Index fund, a Guernsey-based offshore fund that tracks a 40-stock index, which aims to identify companies making a successful transition into the digital age (see International Investment October 1999).
The index lists obvious 'digital age' companies such as Intel, Microsoft and Yahoo!, but also includes Monsanto, Wal-Mart and Walt Disney.
In all, 25% of the companies produce electronics or computer hardware, while 16.2% are labelled new media or internet companies. Financials occupy 15.4% of the index, retailers and leisure companies 13%, natural resources and industrials make up 10.2%, 7.6% is transport and 7.4% biotech companies.
The capital return of the index is calculated daily, while the total returns are listed monthly.
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