Five equity managers quit Investec Asset Management after the company failed to meet their demands for an equity stake in the portfolios they manage. Michael Rimmer ran the U.K. Opportunities Fund; Jeremy Rigg managed the Investec Blue Chip Fund; Nick Mottram handled the Global Free Enterprise Fund; and Chris Carter and Nigel Dutson were global equity managers, said Tilly von Twickel, spokeswoman. "Clearly this is a disappointment, but the managers' demands for an equity stake at product level are not compatible with our business model," CEO Hendrik du Toit said in a company news release.
Dan Hanbury will take over the U.K. Opportunities Fund, Christine Baalham will run the Investec Blue Chip Fund, and Mark Breedon will manage the Global Free Enterprise Fund. Mr. Hanbury will continue to oversee the Investec U.K. small-cap equity funds, and Mr. Breedon will remain portfolio manager, Asian emerging markets and global equities. Ms. Baalham is an equity portfolio manager. Messrs. Carter and Dutson have not been replaced, said Ms. Von Twickel.
Investec has about £20 billion ($37.45 billion) in assets under management.
