Richard Buxton, the head of UK equities at Schroders, has resigned after more than 11 years at the fund manager to take up a position at Old Mutual.
Buxton is set to be unveiled by Old Mutual Global Investors today, Investment Week understands, and will form a key part of their expansion plans.
His exact role is not yet known, but the star UK stock-picker will be teaming up with a range of in-house managers already at the group.
These include Dan Nickols, Simon Murphy and Luke Kerr, while Ashton Bradbury is currently head of equities.
His deputy Errol Francis is also leaving Schroders to join Buxton at Old Mutual Global Investors on 14 June. The pair together run £6bn of assets.
During his tenure at Schroders, Buxton has built a reputation as one of the most successful UK fund managers.
His £3.2bn UK Alpha Plus fund is among the top performers in the IMA UK All Companies sector, returning 28% to investors over the last five years, compared to a sector average return of 13.6% (to the end of 2012).
Buxton - who has a first degree in English from Oxford - joined Schroders in 2001 having previously worked at Baring Asset Management.
His investment career started in 1985 at Brown Shipley Asset Management as a fixed income and equity investment manager.
Over the years the highly-regarded fund manager has not been afraid to vent his frustration at companies' management teams.
Recently he criticised the payouts to executives at Xstrata following the announcement of its high-profile merger with Glencore.
"With our team based investment approach, we are committed to ensuring that we continue to deliver the strong investment performance in UK equities our clients expect from Schroders," said Robin Stoakley, head of intermediary at the group.
"We have a depth of talent in our UK equities team of 16 investors that is well-established, with average investment experience of over 12 years. We will announce succession plans for Richard and Errol in the near future," said Peter Harrison, who joined Schroders as global head of equities at the start of March.
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