Investec restructures European trust

By James Thorneley Albert Morillo has completed the restructuring of Investec Guinness Flight's Euro...

By James Thorneley Albert Morillo has completed the restructuring of Investec Guinness Flight's European unit trust, cutting back the holdings from 50 to 35. Until now the portfolio, previously run by David Potts, has followed the FTSE World Europe ex UK closely and has had exposure to all sectors in the index. Morillo, who formally took over running the fund last week, said he is not afraid to take bets against the index. He added: "You should not regard the index as a model, because it is very inefficient. For instance in 1990 it was still regarding Mannesmann as an engineering compa...