South Africa-based Investec Asset Management has acquired De Fay Asset Management, reports Fin Alternatives.

According to the news service, the deal will also see Investec transfer management of its Equity Hedge Fund and Investec Equity Fund to Adrian de Fay.

Mr de Fay replaced Gail Daniel, who will continue to manage the Investec Managed Fund. Prior to founding his asset management company, Mr de Fay worked at Standard Merchant Bank in London.

“We are thrilled to welcome Adrian to the team. He has an excellent long-term track record in both alternative and long-only investing and we are confident that he will continue the proud record we have built up with the Investec Equity Fund over the past 18 years," Sam Houlie, head of South African equities at Investec, was reported as saying.