Old Broad Street Research has suspended its AA rating of Investec’s global energy fund following the announcement Tim Guinness will stand down as manager.
The suspension takes place immediately. OBSR will be meeting with the new managers to discuss the situation going forward.
Research director Richard Romer-Lee says: “Following the announcement that Tim Guinness is to be replaced as the manager of the Investec global energy fund, OBSR has taken the decision to suspend the AA-rating with immediate effect.
“The management of the fund had previously been outsourced to Guinness Asset Management but Investec has elected to bring this in-house. To this end, Investec has hired Mark Lacey and Jonathan Waghorn to take over the mandate and it is OBSR’s intention to meet with the new managers in order to establish their plans for the fund going forward.”