Manager Research

Investec has hired Duane Cable out of Coronation’s absolute return team who are responsible for managing the Balanced Defensive and Capital Plus funds.  Duane has been an integral member of the team since 2013, and has developed his experience within Coronation for 12 years, so this is a significant loss. Charles de Kock will retain team leadership, and Pallavi Ambekar will be moving from Neville Chester’s team to work with Charles in support of the Absolute Return funds.  Nic Stein will continue to support Neville across the Top 20 and Market Plus funds.  As an investment team, Coronation has significant experience, breadth and depth so we do not have short term concerns, however we do need to interrogate this further to better understand the drivers for the change.

From Investec’s perspective, Duane will join Clyde Rossouw’s Quality Franchise where it is likely he will have broader exposure to both local and offshore asset classes.  This will help bolster senior portfolio manager depth given the range of mandates within the Quality Franchise, both locally and offshore.  We haven’t got confirmed timing yet for the transition, other than there will likely be a local restraint in place. Duane’s role within Coronation did have a more quality oriented bias, so the hire is well suited.

We will be assessing the impact of these changes on both sides and will communicate further updates to existing fund ratings or views.