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Buxton’s Schroder UK Growth trust handed to Cazenove’s Dean

Dean Julie Cazenove
Cazenove’s Julie Dean

The board of the £271.9m Schroder UK Growth investment trust has appointed Cazenove’s Julie Dean as the fund’s new manager, while Schroders has agreed to waive its management fee for six months after the transistion.

The move comes after current manager Richard Buxton, who also manages the £3.4bn Schroder UK Alpha Plus fund, announced he is leaving Schroders in June to join Old Mutual.

Dean will join Schroders in July this year after Cazenove is acquired by the asset manager. She is the manager of the £1.3bn Cazenove UK Opportunities fund, which is ranked first quartile in the IMA UK All Companies sector over one, three and five years.

A statewment says: “The board of [the Schroder UK Growth trust] was impressed with Julie’s consistent performance and pragmatic approach to investment, which combines earnings-based security selection with a top-down business cycle approach.

“Julie avoids style or size bias within the portfolios she currently manages and the same approach will be taken in relation to the company’s portfolio.”

Dean will assume management responsibilities on 2 July, subject to shareholder and other regulatory approvals.

Schroders also plans to reduce the management fee it charges the trust, lowering it to 0.6 per cent of net assets less current liabilities from 1 July, and scrap its separate secretarial fee.

In addition, the group will waive its management fee for six months commencing 1 July to contribute towards portfolio transition costs associated with the change of manager.

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