The board of the £271.9m Schroder UK Growth investment trust has appointed Cazenove’s Julie Dean as the fund’s new manager.
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. Jupiter’s Philip Matthews has been named Buxton’s successor on the Schroder UK Alpha Plus fund.
Dean will join Schroders in July 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.
Schroders will lower the management fee it charges the trust 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.
Last week, Schroders announced its net inflows rose 241 per cent to £5.8bn over the three months to 31 March, up from £1.7bn one year earlier.
Bestinvest managing director of business development and communications Jason Hollands says: “Julie Dean has a very strong career track record. Obviously the board got a fee cut in the process so they played it very well.”