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Agency suspends Investec energy AA rating

Old Broad Street Research has suspended its AA rating for Investec global energy after veteran manager Tim Guinness was taken off the £235m fund.

Guinness, the chief executive of Guinness Asset Management, had run the fund since May 2003. The fund is second quartile in the Investment Management Association’s specialist sector over three years.

Investec has appointed two sell-side analysts from Goldman Sachs, Mark Lacey and Jonathan Waghorn, as co-managers on the fund. They join the commodities team headed by Bradley George.

OBSR research director Richard Romer-Lee says the group is keen to meet the new managers to establish their plans for the fund.

Hargreaves Lansdown head of research Mark Dampier says: “There are a number of energy funds that investors can look at besides Investec. We do not recommend it currently but will be meeting the new guys to talk about the fund.”

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