Purves and Lance quit Schroders to join RWC
Share
Schroders income fund managers Nick Purves and Ian Lance have quit the firm to join investment boutique RWC Partners.
Schroders has appointed Kevin Murphy and Nick Kirrage as co-managers on the fund. They will also manage the income component on the £633m UK income maximiser, which was also run by Purves and Lance.
The Schroder income and income maximiser funds have both been top-quartile in the IMA UK equity income sector in the past three years.
Purves joined Schroders in 1994 from KPMG and has managed the £1.5bn income fund since October 2003 while Lance joined as co-manager in 2007, having previously worked as head of global equity research at Gartmore and head of European equities at Citigroup.
The duo are set to join RWC in August to run a traditional income fund.
RWC Partners chief executive officer Peter Harrison says: “Nick has managed the best fund in the sector over three and five years. This is a real endorsement of his investment capabilities.”
Bestinvest senior investment adviser Adrian Lowcock says: “Performance has been pretty strong on the income maximiser fund and their departure will have an impact.
“Nick Purves has got a good track record and anyone stepping into those shoes is stepping into a sector that is highly competitive already, so it is going to be challenging.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
