Chris Rogers is to take over running the Schroder UK Growth investment trust after the departure of ...
Chris Rogers is to take over running the Schroder UK Growth investment trust after the departure of Jeremy Rigg to Investec Guinness Flight.
Rogers currently runs the £580.7m Schroder Income unit trust which has an frAA rating. The fund is 65 out of 84 over three years in the UK Equity Income sector on growth of 41.1% and is 14 out of 87 over one year on growth of 10.1%.
Rigg took over the Schroder UK Growth investment trust earlier this year from Jim Cox. Rigg has departed Schroders for Investec Guinness Flight along with two institutional fund managers working on UK equities, Michael Rimmer and Nigel Dutson.
The departures are the latest in a series of fund managers and marketing personnel to leave Schroders in the last 18 months. Cox, formerly manager of Schroder UK Enterprise, left the group and retired from fund management in the autumn. James Salter, who ran the Schroder Japan Growth and Schroder Japanese Smaller Companies funds, left the group in the summer to run a Japan fund as part of investment boutique Bonfield Asset Management. Bridget Cleverly, formerly marketing director at Schroders also left in the summer. Other recent senior departures include former sales director Alistair Trainer and Rod Duncan, formerly deputy managing director of the unit trust business.
Rigg, Rimmer and Dutson were members of Schroders' FTSE 100 team, predominantly running pension and charity portfolios. Their departure follows a restructuring of Schroders' UK equity team earlier this month. The group originally planning to cut its number of dedicated UK equity managers to 24 from 37, with the 13 former UK fund managers moving to client account manager roles. The account managers will have overall responsibility for UK client relationships, focusing on day to day asset allocation and policy. The move will come into effect from 4 January 2000.
Rigg, Rimmer and Dutson were each earmarked to stay on as dedicated UK equity fund managers before their decision to leave the group. Their departure means that Schroders will now have 21 dedicated UK equity fund managers in the New Year. Their positions will not be filled by the former UK fund managers set to move to client account manager roles.
Rigg, Rimmer and Dutson will manage a new Investec Guinness Flight unit trust, which will launch in the second quarter 2000. The fund will be invested in UK stocks.
In the meantime the team will be running institutional money for Investec, but also take over the management of Guinness Flight Blue Chip Portfolio unit trust. The £22.4m fund is currently managed by Ketan Raja who has decided to leave the group in light of the arrival of Rigg and team.
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