Kristine Bryan has resigned from Schroders, giving up management of its £93m Medical Discovery fund....
Kristine Bryan has resigned from Schroders, giving up management of its £93m Medical Discovery fund.
The resignation will see her leave fund management altogether to carry out research at US group Brown Brothers Harriman. Management of the Schroders fund will be passed to Allison Larkin, who joined the group as an analyst in 2000 and worked with Bryan on the fund.
Larkin will work alongside Eva Haas and Madoka Tamura, with Haas running the European side of the portfolio and Tamura focusing on Asia. Larkin will be responsible for the US, which constitutes a major portion of the fund's benchmark.
Darius McDermott, managing director of Chelsea Financial Services, said the intermediary firm will put the fund on hold and monitor its performance closely over the next six months.
'We have two healthcare funds on our buy list at present, the other being Framlington Health,' he said. 'One was always going to be replaced with a financial fund. While we like the fund a lot, especially its link with cancer research, this has made our decision easier for the time being.'
Schroders has also announced it is to follow Legg Mason and Invesco Perpetual by closing its single company Pep administration service to focus on core fund management activities.
Investors with single company Peps (SCPs) from Schroders are being offered three options. They can switch into any other Schroder unit trust, switch to another SCP provider or sell.
All charges normally applied by Schroders will be waived, so an investor who decides to switch into a Schroders unit trust can do so at creation price.
The default option for investors who miss the 31 December deadline to choose one of the options is to be rolled into the Schroder UK Equity fund, managed by Humphrey Van der Klught.
The Schroder SCP service is a self-select version rather than a managed service, holding FTSE 100 companies. As such, the UK Equity fund was seen as the most appropriate default vehicle.
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