Fund manager Alastair Mundy has been handed an extended leave of absence for health reasons, which are not related to coronavirus, and as a result has stepped down from managing the Temple Bar Investment Trust.
Respected value investor Alastair Mundy has been handed an extended leave of absence for health reasons, which are not related to coronavirus.
As a result, Mundy has stepped down from his fund management responsibilities: the Temple Bar Investment Trust and three open-ended funds he manages for Ninety One (formerly known as Investec): the Cautious Managed, UK Special Situations and UK Total Return funds.
The extended leave of absence was a mutual agreement between Mundy and Ninety One.
Temple Bar and the three open-ended funds will be managed by Alessandro Dicorrado and Steve Woolley. Both are co-managers of the Ninety One Global Special Situations fund, which they have overseen since January 2016.
The investment strategy and objectives of the portfolios will remain unchanged.
Domenico Ferrini, co-chief investment officer at Ninety One, will assume Mundy’s responsibilities as head of the Value team.
He says: “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. We wish Alastair well for his recovery and we look forward to his return.”
The board of Temple Bar investment trust said in a stock exchange announcement that it “expresses its sympathy with Mr Mundy, who has served Temple Bar with distinction for many years”.
It adds: “The board will monitor these arrangements and communicate again with shareholders in due course.”
This article was originally published in our sister magazine Money Observer, which ceased publication in August 2020.
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