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Advisers keep a watchful eye for further Cazenove fallout

Cazenove head of European equities Chris Rice is leaving the fund group as advisers keep a watchful eye on any further fall out from the Schroders deal.

Rice announced his departure last week after spending 10 years with Cazenove. He will stay with the firm until July when the firm will be acquired by Schroders for £424m.

Cazenove Pan Europe fund manager Steve Cordell has taken over Rice’s Cazenove European and Cazenove European Equity (ex UK) funds while James Sym has become lead manager of the Cazenove European Income fund.

Cazenove UK Opportunities fund manager Julie Dean will now head up the firm’s pan-European equities team, which will be known  as the business cycle team when Schroders buys the firm.

Equilibrium Asset Management investment manager Mike Deverell says: “We are slightly wary about using Cazenove funds at the moment until the deal goes through, in case there are more departures.”

Charles Stanley head of research Ben Yearsley says: “There was always going to be some fallout from the deal. You won’t get anything as high profile as [the Cazenove-Schroders] deal being 100 per cent smooth.

“Julie has a tremendous record. I do not see any issue with her taking over the role. The only concern is will it impact on her role as fund manager?”

Chelsea Financial Services managing director Darius McDermott says: “While Chris is solid we have other managers we prefer in Europe, it is an extremely competitive sector.

“We did have his funds on a wider buy list sometimes but they are not a core member. We have downgraded these funds to ‘hold’.” 

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