The £70m fund will now be run by John Stopford and Max King, allowing Mundy to concentrate on running Investec’s £2bn Cautious Managed, £570m UK and £24m Global Special Situations funds as well as the £550m Temple Bar Investment Trust.
In an interview with Portfolio Adviser last month, he told editor Gary Shepherd: “We are a team of ten, all generating ideas, and all I am doing is taking the best ideas that they generate and dividing them up between the funds.
“In previous years I have managed more funds, and this is the least I have managed for a while. It didn’t lead me to a nervous breakdown ten years ago, so I can manage now."
In a statement, Investec said: “Given the more income-focused positioning of this fund, the fixed income team co-headed by John Stopford will bring proven depth of expertise across both developed and emerging market debt. This expertise will be combined with the multi-asset team’s asset allocation capabilities”.
Among others, Stopford runs Investec’s Strategic Bond, Global Bond, Investment Grade Corporate Bond, High Income, Monthly High Income, GSF Global Bond, GSF Global Strategic Bond and Target Return funds.
The official line about Mundy is that he is handing over the Managed Distribution Fund that he has run since 2004 to allow him “to focus on his other responsibilities”.