Investec Asset Management has moved swiftly to replace Jamie Macleod, managing director of its UK and European retail funds, with the promotion of Andy Sowerby and David Aird to become joint managing directors.

Sowerby, previously marketing director, and Aird, formerly UK and European sales director, now have joint responsibility for the development of Investec's retail fund business in the UK and Europe, where the firm has a strong reputation.