Investec to sub-manage $190m Nomura fund

I-Net | Tue, 27 Jul 2010 11:59

[miningmx.com] -- INVESTEC Asset Management has been appointed to sub-advise on the Commodities and Resources Fund managed by Japanese asset manager, Nomura Asset Management.

The agreement recognises Investec Asset Management's long-term track record and expertise in investing in both South Africa and resource equities, the company said.

The Nomura South Africa Resources Stock Fund, which launched in June, is domiciled in Japan and invests in South African resources companies. It attracted around $190m of subscriptions during the launch period.

The fund aims to deliver its long-term investment goals through an actively managed approach, combining fundamental analysis of underlying commodities with a bottom-up stock-picking process.

The fund is managed by Daniel Sacks, who is supported by Investec Asset Management's Commodities and Resources Team comprising specialists covering precious metals, base metals, energy and soft commodities.

This win builds on Investec Asset Management's appointment by Nomura Asset Management last year as investment advisers to the Nomura Commodity Trust, which comprises the Oil Future Fund and Gold Future Fund.

Investec Asset Management currently manages $70bn globally.

Said Kunio Watanabe, senior MD of Nomura Asset Management: "We are pleased to appoint Investec Asset Management to manage this fund, building upon the success of the Nomura Commodity Trust which Investec has been running since last year.