Fund manager Alastair Mundy is to take an extended leave of absence from newly formed Ninety One for non coronavirus-related health reasons.
Ninety One, the asset management arm recently spun out of Investec, confirmed today (April 17) Mr Mundy would take the leave of absence by mutual agreement between himself and the Ninety One leadership team, effective immediately.
His portfolio management responsibilities across the Cautious Managed, UK Special Situations and UK Total Return funds — as well as his Temple Bar Investment Trust — will be assumed by Alessandro Dicorrado and Steve Woolley.
Mr Dicorrado and Mr Woolley will become co-managers of these portfolios alongside the Global Special Situations fund which they have jointly managed since January 2016.
The pair is part of Ninety One’s eight-strong value team and have worked closely with Mr Mundy for many years. Ninety One confirmed the investment strategy and objective of the portfolios remained unchanged.
Meanwhile Domenico Ferrini, co-chief investment officer at Ninety One, will assume Mr Mundy’s responsibilities as head of the value team.
He said: “Our primary concern is always to ensure continuity for our clients while safeguarding the welfare of our employees.
“We have robust succession plans in place to manage situations just like these and ensure each of our investment teams has the experience and depth required to provide continuity for our clients with the high standard of investment expertise and service they have come to expect from Ninety One.”
Mr Ferrini wished Mr Mundy well for his recovery and said he looked forward to his return.
Darius McDermott, managing director of FundCalibre, said the funds have been placed in “good hands”.
He added: “I’ve known Mr Mundy for some 20 years or so. He’s a great guy and been a great investor – a true contrarian. It’s concerning to hear that he has had to step down for health reasons and I wish him a speedy recovery.”
Mr McDermott said as Ninety One ran a team-based approach, there would be consistency of management style for investors, adding the support of Mr Ferrini would be a valuable resource.
He said: “We will keep an eye on flows, but given the size of the funds, any redemptions should be manageable. We are confident of their abilities.”
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