Schroders sells multi-manager exposure to Asia ex Japan

Schroders has sold all its exposure to Asia excluding Japan in its £230m multi-manager fund range amid concerns that growth in China will slow.

The £28.3m multi-manager high-alpha fund had 3.6 per cent exposure to Asia ex Japan at the end of September, according to Trustnet, while the £124.2m multi-manager cautious managed fund had 1 per cent exposure and the £79.2m strategic balanced fund had 2 per cent.

In October, Schroders dum-ped all its Asia ex Japan exposure by selling out of the £7m Liontrust Asia fund.

Speaking at the Schroders investment conference in New York last week, portfolio manager Jane Turner said the multi-manager team needs to see some stabilisation in Europe and an improved growth outlook before considering adding back to Asia.

She said: “Markets are all correlated and Asia and emerging markets are still very dependent on their export industry.”