InvestecOct 21 2019

Investec's Aird to take leave of absence

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Investec's Aird to take leave of absence

Investec’s UK managing director is set to take a leave of absence for the rest of the year.

David Aird, responsible for Investec Asset Management’s UK retail and institutional business, will take a sabbatical from now through to Christmas and is set to return to the business in January 2020.

Philip Anker, currently head of the international client group, will assume the role of interim group head for UK clients during Mr Aird’s sabbatical.

Mr Aird joined Investec back in 2000 as a sales director before being promoted to managing director after just two years in the role.

A spokesperson from Investec said: “Given his continuous 20 years of service to the business, David Aird will be taking a sabbatical through to Christmas, returning in January 2020.”

Mr Aird’s sabbatical comes after Investec warned of dampened profits due to “challenging market conditions” in a trading update last month (September 20).

The firm is set to implement a number of cost-cutting measures throughout the year, including closing its private equity investments business in Hong Kong, a restructuring of its Irish branch due to Brexit and the sale of its Irish wealth and investment business.

Investec had already closed its robo-advice business following two years of losses and in May it announced Brewin Dolphin would buy its Irish business for £37.3.

At the time of the trading update a spokesperson said the group remained well positioned for the long term and continued to concentrate on its strategy of “simplification, focus, and disciplined growth”.

Mr Aird started as a sales manager at Royal Trust Asset management after studying accounting and finance at Nottingham Trent University.

Before landing at Investec he was head of UK offshore sales at Fleming Investment Management and then ran hedge fund sales at Gartmore Investment Management.

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