Steven Woolley will no longer serve as a portfolio manager on the Ninety One UK Special Situations fund or Global Special Situations pooled funds, Ninety One has confirmed.
Although Woolley will no longer act as a portfolio manager for the funds, he will remain with the company as head of research for the value team, leading analytical and investment research and data.
Woolley has served as a co-portfolio manager on the Global fund since 2016, and the UK fund since 2020 alongside Alessandro Dicorrado.
The UK fund has returned 40.7% in the past five years in comparison to a sector average 15.4%, according to FE Fundinfo. The Global fund, however, has underperformed the sector with an average 40.7% compared to 52.4% for the sector across five years.
See also: Ninety One acquires Sanlam Investment Management
Beginning with Investec in 2008 as an analyst, Wooley remained with Ninety One as it demerged from the business in 2020.
“Steve remains a committed and senior member of the Ninety One Value team, focussed on idea generation and generating alpha for our clients. Alessandro Dicorrado, Head of Value, will continue to manage the UK Special Situations and the Global Special Situations pooled funds. Ninety One’s Value capability offers solutions used by a variety of institutional and advisor-led asset owners,” Ninety One said.
See also: Ninety One UK Sustainable Equity fund to merge with global mandate
Dicorrado has been with Ninety One since 2011, becoming a portfolio manager for the Global fund alongside Woolley in 2016 and again for the UK fund in 2020.