Andrew Lapping to step down as CIO at Allan Gray

Allan Gray has announced that Andrew Lapping will be leaving the firm “towards the end of this year”. Lapping has been CIO at the company since 2016, when he took over from Ian Liddle, and has been with Allan Gray since early 2001.

He initially worked as a fixed interest trader before moving into the role of equity analyst in 2003. He was appointed as a fixed interest portfolio manager in 2006, and balanced portfolio manager in 2008.

He is currently listed as co-manager on the Allan Gray Balanced fund, Allan Gray Stable fund, Allan Gray Equity fund and Allan Gray SA Equity fund, as well as the Allan Gray-Orbis Global fund of funds.

Shortly after he was appointed as CIO Lapping was also made a director at Allan Gray in 2016.

Staff changes

Lapping will be succeeded as CIO by Duncan Artus, who currently co-manages the Allan Gray Balanced fund, Allan Gray SA Equity fund, Allan Gray Equity fund and Allan Gray-Orbis Global fund of funds. Artus has been with Allan Gray since 2001, and a portfolio manager since 2005.

He will step into the role from the start of September.

“Andrew Lapping will be leaving Allan Gray towards the end of this year, as his 20th year at the firm comes to a close,” said Rob Formby, Allan Gray’s chief operating officer. “Andrew has decided to take a well-deserved break with the intention of exploring opportunities outside of investment management.”

The announcement of Lapping’s departure was made alongside news of a number of personnel changes at the firm.

Formby announced that Mark Dunley-Owen, who is currently co-portfolio manager on the Allan Gray Money Market fund, Allan Gray Stable fund and Allan Gray Bond fund, will be joining the firm’s sister company Orbis.

Leonard Krüger, who co-manages the Allan Gray Stable fund together with Dunley-Owen and Lapping, will be leaving the company. This portfolio will therefore be under entirely new management.

New managers

Three new portfolio managers have been appointed by Allan Gray to co-manage the equity, balanced and stable portfolios. They are Rory Kutisker-Jacobson, who has over 12 years of experience at the firm; Tim Acker, who has been an equity analyst at Allan Gray since 2013; and Sean Munsie.

“An additional three have been appointed to focus on Africa ex-South Africa and frontier market equities: Varshan Maharaj, Rami Hajjar and Kamal Govan. All are long-serving members of the investment team,” said Formby.

Londa Nxumalo who is currently co-manager of the Allan Gray Bond fund will take on the additional responsibility of co-managing the Allan Gray Money Market fund. Similarly, Thalia Petousis, who currently co-manages the Allan Gray Money Market fund, will assume co-management the Allan Gray Bond fund.

“We have every confidence that under Duncan’s leadership, the team will continue to excel,” said Formby. “We remain committed to delivering strong investment performance and building our clients’ trust and confidence in us.”

Patrick Cairns is South Africa Editor at Citywire, which provides insight and information for professional investors globally.

This article was first published on Citywire South Africa here, and is republished with permission.