Bolt out of blue for Schroders as fund star quits
Funds group Schroders yesterday lost one of its top performing fund managers after she unexpectedly resigned from the group.
The FTSE 100 fund giant, the UK’s second-biggest independent manager, said Julie Dean will step down from the group and hand over the reins of her £2.2bn UK fund immediately.
Schroders unveiled fund manager Matt Hudson as the new boss of the fund, which invests in UK giants like BP and HSBC. No reason was given for Dean’s departure, nor the speed of the exit.
The resignation comes in the wake of Schroders’ merger with rival Cazenove last year. Dean, a Cazenove veteran of 10 years, had been the biggest name to move across as part of the tie-up.
“Schroders’ take-over of Cazenove has actually gone quite smoothly when you consider there was a considerable level of overlap between the two businesses. In some ways it is surprising there have not been more departures,” Hargreaves Lansdown senior analyst Laith Khalaf said.
“Dean will certainly be a loss for Schroders as she has built up a strong track record over the years.”
Dean’s departure is the biggest at Schroders since Richard Buxton left the group for rival Old Mutual.
Shares fell 17p yesterday to 2,440p.