Beagles was arguably Nichola Pease¹s biggest coup for the firm when she hired him from Newton, where he was running the £1.5bn higher income fund up until March 2004. He is set to be replaced by his number two James Lowen for the interim.
Beagles has been a big hit among advisers since the launch of his fund back in November 2004, though his it is currently third quartile from launch to date, according to figures from Morningstar.
While the move is described a sabbatical, whether Beagles will return has been questioned in private by advisers and a number of advisers are bound to be defensive on the move.
Hargreaves Lansdown senior adviser Ben Yearsley says: ³This is a big blow for the firm as he is undoubtedly their biggest name. As his return is up in the air most advisers are bound to put that fund on fold as they look to either speak to the interim manager or wait for news on his proposed return.²
Schroders also announced the departure of Denis Clough this week, bringing an end to 24 years with the firm over two spells on November 30.
Clough made his name on the Schroder Tokyo fund from 1985 to 2004, before making a surprise return in 2005 to take on European fund. He is set to be replaced by Riitta Hujanen will join the European Equity Team on 22 October to take on fund management responsibilities of the Schroder ISF EURO active value, Schroder ISF European active value and Schroder European fund.
As for office politics, the big news has been the return of the protection reporter who promptly questioned me on the presence of a number of investment articles sprawled across her desk. I pleaded ignorance and innoncence on the matter. Nonetheless the decibel level in the office has gone up significantly in the past three days.