Richard Buxton's shock resignation from Schroders has left wealth managers holding his funds with a number of urgent questions...
The star manager is leaving Schroders after 11 years to join Old Mutual Gobal Investors in June as head of UK equities.
Here, five fund pickers give their verdict on the news...
Ben Yearsley, head of investment research, Charles Stanley
"It is great for Old Mutual. They have got a very good UK team that is really mid and small-cap focused and this gives them large-cap experience, so it is a great move for them.
Fund pickers' verdicts on Buxton's Schroders exit
It is a loss for Schroders and there is no dressing it up. Over the last few years they have lost a few of their UK team, such as the equity income guys disappearing to RWC.
It is much more of a boutique culture at Old Mutual and and maybe he wanted that. Schroders is a big place, so maybe he wanted something more intimate. I imagine they will have to hire externally to replace him.
In terms of the fund, obviously you have the investment trust and the open-ended fund. Initially, you would suspend buying and then potentially look for alternatives. We don't know what Schroders are doing yet to replace him, so it is always a dangerous kneejerk to say sell-out but I imagine quite a few people will.
I do not think everybody will shift into the new Old Mutual fund, although people who like Buxton will follow him and that is understandable. Others may well move to something else in the meantime."
Mark Shields, investment management director, Brooks Macdonald
"We are going to continue to hold the fund for the time being, with the view that he is going to stay managing the fund until mid-June.
We know he is moving to Old Mutual at the end of his tenure at Schroders, so at the moment it is a bit of a waiting game. We will be watching this space and if anything changes we will be ready to move.
If we feel it is appropriate to move out on a client by client basis we will do so, but the house view at the moment is to watch and see.
In terms of a replacement, I would hope they would choose the most appropriate person for the job, whether that is from outside or internally but that is the main factor we would need to consider when Schroders do appoint a replacement."
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