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Investec Asset Management energy team to exit

Investec Asset Management energy team to exit

The Investec Asset Management energy team comprising Jonathan Waghorn and Mark Lacey is to exit the firm on 1 July, Wealth Manager can reveal.

It is believed the pair will join commodities trader Mercuria Global Energy Solutions, a privately owned group of international companies founded in 2004 covering a wide spectrum of global energy markets.   

The duo has run the flagship $1.5 billion (£930 million) Investec Global Energy fund since 12 February 2008. According to Lipper, in the three years to 24 April the UK-domiciled version of the fund returned 15.5% versus a 30.1% rise in the benchmark.

They also manage the Luxembourg-domiciled Investec GSF Enhanced Global Energy fund, which launched in January 2010 and gave them the flexibility to use derivatives.

Investec said it will work closely with Waghorn and Lacey to manage the transition to the incoming portfolio manager, with Bradley George, head of the firm's $6 billion commodities and resources team, immediately taking over as lead manager of the strategies in the interim.

The investment philosophy and process established for selecting energy investments will remain unchanged. 

Investec said: 'Over the past six years the commodities and resources team has developed a range of investment solutions to cater to the differing needs of clients looking to access the sector. The team's approach to portfolio management has led to strong risk-adjusted returns from funds such as the Enhanced Natural Resources fund, which aim to counter the volatile nature of the sector.'

Waghorn and Lacey joined Investec from Goldman Sachs in February 2008 where they served as sell side analysts and were responsible for the firm’s influential Top 170, which covered leading oil projects across the globe.

Lacey worked for Goldman for two years and was rated number one on oil and gas by Thompson Extel. Meanwhile Starmine rated Waghorn (pictured) as a five-star analyst.

The duo were brought in to replace veteran Tim Guinness, who had been running the Investec Global Energy fund, which launched in 1985, since May 2003.  He played a key role in building the franchise.

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