Investec is to move two equity portfolios run by its value team to the fund house's quality franchise.
The asset manager's £130m American fund, run by value team member Alessandro Dicorrado, is to be placed under the management of the quality team. An offshore US equity vehicle will also be moved across.
Mr Dicorrado, who returned 77 per cent over the three years compared with 60 per cent from the average IA North American manager, will now be replaced by Michael Hayward. Investec said Mr Dicorrado will continue running value strategies for other clients.
David Aird, managing director, UK client group at the firm, said the shift of funds had come about because the quality team was "better resourced" for such responsibilities, while a quality approach could enhance fund returns in the longer term.
A spokesperson added: "The move reflects our commitment to providing the best possible investment outcomes to our clients. We believe the change will better meet the fund’s investment objective of delivering long term capital growth for investors, in a consistent and sustainable manner over the long term."
Investment objectives and risk ratings on the products remain the same, Investec said. The quality team, headed by Clyde Rossouw and Simon Brazier, has been a source of expansion for Investec in recent years, both in terms of products and hires.
