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Rodgers and Carroll quit to launch boutique

HSBC and Schroder UK equity managers Chris Rodgers and Tom Carroll have resigned to set up an investment boutique.

Rodgers quit as head of UK equities at HBSC’s Halbis active fund management unit last week but has been persuaded to stay on with the group until the end of November, delaying the launch of the new boutique.

He will continue to caretaker manage the group’s HSBC’s £1bn growth and income, income and monthly income funds, which he took on following the departure of Bob Morris.

HSBC managing director of sales and marketing Michael Warren says the company will unveil two replacement income managers this week.

He says: “Rodgers has agreed to stay on to ensure a smooth transition.”

Carroll has stepped down as manager of the Schroder UK select growth fund and is being replaced by Ed Meier and Vincent Vinatier.

In a separate development, HSBC is set to launch two new global funds of funds in the New Year. These are expected to be branded the open global return and open global distribution funds which will be global growth and global income funds of funds respectively.

The total expense ratios are expected to be between 2 and 2.5 per cent and HSBC will reveal the new managers and funds at its investor roadshows next month.

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