Northstar Asset Management on Monday announced that Citywire A-rated Rory Spangenberg (pictured) has been appointed as chief investment officer (CIO) at the firm. Since joining Northstar in 2017, Spangenberg has been the director of global equities, and manager of the Northstar Global Flexible fund.
For the past eight years, the role of CIO at Northstar had been filled by Adrian Clayton, who acquired Northstar in 2012. He had acted in the dual capacity of both CEO and CIO.
‘The growth and development of the firm has demanded a split in responsibilities,’ said Clayton. ‘There are no other changes in our investment team at a senior level: Marco Barbieri remains director of SA equities and Mark Seymour director of fixed income. The managers of the funds also remain in place, with no changes expected.’
‘I’m still 100% involved on the investment committee of the equity and fixed income teams, and I’ll remain lead manager of the Northstar SCI Managed fund,’ said Clayton. ‘But our business is growing and doing well, and I need to be realistic in terms of my load.’
Spangenberg will therefore have oversight of the investment process structurally, and will report directly to Clayton as CEO. He will also still manage the offshore fund.
‘Our investment team continues to grow with additional trainee analysts being deployed in the areas of quantitative analysis, fundamental research and fixed income,’ said Clayton. ‘The management of this expanding team is the domain of the CIO and is key to generating market beating returns for our clients.’
Over the past three years to the end of August 2020 the Northstar Global Flexible fund ranks second amongst Flexible USD funds available in South Africa. It has returned 70.2% against a category average of 45.1%.
Over the same period, the Northstar SCI Managed fund is up14.4% against a category average for funds in the mixed assets – aggressive ZAR category of 12.0%.
The Northstar SCI Equity fund is down -17.6% over three years, under-performing the South Africa equity category average of -4.4%.