Purves joined Schroders in 1994 from KPMG and has managed the £1.5bn income fund since October 2003, while Lance joined as co-manager in 2007 having previously worked as head of global equity research at Gartmore and as head of European equities at Citigroup.
Schroders has appointed Kevin Murphy and Nick Kirrage as co-managers on the fund, the pair will also manage the income component on the £633m UK income maximiser fund which was also run by Purves and Lance.
The Schroder income fund is currently the second best performer in the past three years in the IMA UK equity income sector. The fund has fallen 1.5 per cent in that time compared to an average fall of 19.1 per cent for the sector. The income maximiser has also been a strong performer sitting third in the sector over three years, having fallen 2.2 per cent.
RWC Partners says the pair are likely to join the firm in August and will look to launch a traditional income fund.
RWC Partners chief executive officer Peter Harrison says: “We are delighted Nick and Ian have decided to join RWC Partners. Value investing is the equity investment style that has stood the test of time. Nick and Ian have consistently demonstrated their willingness to apply their process in an extremely disciplined fashion. The UK equity income sector is one of the most competitive around and managing the fund that is best in the sector since Nick started managing it over three and five years is a real endorsement of their investment capabilities.
“We have a comprehensive Ucits III fund structure at RWC which is used extensively by investors in both the UK and across Europe. We have seen significant growth in our Ucits III funds over the past 3 years and are delighted we can build on this with Nick and Ian’s funds.”
Schroders head of UK intermediary business Robin Stoakley says: “We have a very strong UK Equity team and I’m delighted that Kevin and Nick are taking over responsibility of Schroder Income Fund. Kevin and Nick bring a great combination of experience and talent to this fund, and have intimate knowledge of value investing based on seven years’ experience working within the Specialist Value team. I am confident we can continue to deliver competitive UK equity income performance that our clients have come to expect.”