Cazenove Capital has confirmed fund manager Julie Dean will not take over Richard Buxton’s £3.6bn Schroder UK Alpha Plus fund following Scroders’ acquisition of the asset manager.
Dean, who manages the £1.2bn Cazenove UK Opportunities fund, had been tipped to replace head of UK equities Buxton, who is joining Old Mutual Global Investors in June.
Cazenove says Dean will not be appointed to Buxton’s fund as the two managers have “differing styles”.
Hargreaves Lansdown head of research Mark Dampier says: “The styles are completely different and I do not think Schroders would want to tamper with Julie Dean’s track record which has been great for the past five or six years. I think they will look externally for another high quality UK equities fund manager.”
Dampier says the two ranges complement one another, citing the Cazenove multi-manager team as a good example of an offering that will blend with the existing Schroder multi-asset team.
“I think the real crossover will be on sales and marketing, that is where the jobs will go.”
Skerritt Consultants head of investment Andy Merricks says: “There appears to be a good fit between the firms.”