WEST PALM BEACH, FL (HEDGECO.NET) – Investec Asset Management Company has lost five of its equity managers over the firm�s rejection of an equity stake in the business suggested by the managers.According to the report, Michael Rimmer and Jeremy Rigg, both members of the company�s UK equity team, and three members of the firm�s Global equity team, Nick Mottram, Chris Carter and Nigel Dutsonhave resigned their posts. The five managers are part of Investec�s 4 Factor equity product, according to the report.
Investec released a statement that said, �Unfortunately Investec felt that it could not accommodate the desire of the above mentioned individuals to obtain equity in this product set, this would not have served the best interests of clients, shareholders or the rest of the team.�
Investec chief executive Hendrik du Toit said, �Clearly this is a disappointment but the managers� demands for an equity stake at product level are not compatible with our business model.� He continued, �The aspirations of our fund managers have to be aligned with those of our clients, shareholders and other staff. In thirteen years we have built a business from scratch to �20 billion under management and we must remain committed to our core principles and take a long term view.�
The chief executive added, �Great businesses are never built on compromised foundations. Our position is clear: we remain fully committed to the Investec 4 factor equity process. We constantly review our requirements and will recruit accordingly.� The company said the remaining 17-member team will handle the responsibilities of the departing managers.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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