TURNAROUND
Stanlib’s new investment chief plans to fire up teams
Stanlib’s new investment chief, a turnaround specialist hired to help resuscitate the struggling asset manager, wants to get its investment professionals to challenge one another more. Stanlib’s franchise model, which consisted of specialist investment teams across asset classes, created high levels of ownership and accountability but could lead to a "silo mentality", Briton Mark Lovett, whose appointment was effective on July 1, said on Tuesday. He told Business Day he would seek to encourage more debate among professionals working across different asset classes but was not planning to overhaul management or operations. Changes would be "incremental". Stanlib’s shortfall had been in implementation, rather than in product offering or distribution, he said. "Historical volatility" at the senior management level had created an unstable environment for portfolio managers, which had knocked performance in some areas. Skills gaps within particular teams would be addressed, said Lovett, w...
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