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New manager for Schroders&#39 global emerging fund

Schroders has changed the manager of its global emerging markets fund for the third time in less than three years, replacing Giles Neville with Robert Davy.

Neville, who becomes fund director for global emerging markets products, took over the £86.2m fund in August 2002. Since then, it has fallen by 10.7 per cent against a sector average of -8.63 per cent, ranking it 18th of 25 funds, according to Lipper.

Davy, who joined Schroders in 1986, is a senior member of the global emerging markets team, performing much of the day-to-day portfolio construction and management across its range of funds.

He has been on the team since its inception in 1992 and is the third manager to run the emerging markets fund since September 2001, when it was managed by Lucy Colback.

Schroders admits the fund&#39s performance has been uninspiring but says the switch was partly driven by the firm wanting Neville to move to the business side of its operations.

Managing director Robin Stoakley says: “The management style has remained broadly the same but the performance has not been terribly strong of late so we are making sure that Robert has full control.”

Bates Investment Services head of investments James Dalby says: “The underperformance has not been that bad. I would guess that Schroders is trying to compete for multi-manager money.”

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