Investec star wins Japanese commodities mandate

Nomura Asset Management has appointed Investec, and top performing manager Daniel Sacks, to run a new commodities and resources fund.

Sacks, who runs the Investec Global Gold fund with Bradley George and is ranked fourth in his sector over five years, will run the new Nomura South Africa Resources Stock Fund ass a sub-adviser for the Japanese giant.

The move follows Investec's appointment last year as manager of Nomura's Commodity Trust.

The new Japan-domiciled fund will invest in South African resources firms using Sacks' active approach, which combines fundamental analysis of underlying commodities with a bottom-up stock-picking process.

Although only launched in June, the fund has already built assets of some $190 million.

'We are pleased to appoint Investec Asset Management to manage this fund, building upon the success of the Nomura Commodity Trust...  Our decision to choose Investec Asset Management endorses the successful track record they have built in managing both South African and commodity and resource-related assets over the past nineteen years,' said Nomura Asset Management's senior managing director Kunio Watanabe.

Over five years Sacks has returned 165% with the Global Gold fund, while the sector's average manager delivered 127%.