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Investec gets the go-ahead to switch trusts into Oeics

Investec Asset Management has been given the go-ahead to convert its range of 14 unit trusts into two Oeics over the coming month.

Unitholders voted overwhelmingly in favour of the conversions, which will take place at the end of November and in mid-December, at an EGM last week.

Managing director Jamie MacLeod says he had taken a risk to proceed with the conversions during such difficult market conditions but he says he was always confident that the proposals would be successful.

Investec has had a strong year, with retail sales up by 60 per cent year on year despite volatile markets and the onset of a buyers&#39 strike.

MacLeod says: “We are bucking the trend but it has not been an easy ride. We have worked hard across management, fund management, sales and marketing to put in place the infrastructure for enduring success, hiring the very best people we can get.

“We distribute almost exclusively through IFAs, and have worked hard to deliver to them the product integrity, performance and customer service excellence they are looking for.”

Bates Investments senior investment adviser Paul Illot says: “They have come on leaps and bounds over the past two or three years. They managed to recruit Albert Morillo for the Investec Euro-pean fund, and he has successfully turned the performance of that fund around. My impressions of the firm are very favourable.”

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