From 24 March 2014, the seven Cazenove multi-manager funds will be rebranded as the Schroders MM funds. The flagship Cazenove Multi-Manager Diversity fund, for example, will become the Schroder MM Diversity fund.
Following the rebrand, the firm will merge a number of portfolios during the second quarter of 2014 to cut the range from ten offerings to six, subject to shareholder and regulatory approval as applicable.
The Cazenove Managed Portfolio fund, under its Schroder MM Managed Portfolio name, will be merged into Schroder MM Diversity Balanced – which is currently the Cazenove Multi-Manager Diversity Balanced fund.
Other moves include Schroder Multi-Manager Cautious Managed merging into Schroder MM Diversity Income, Schroder Multi-Manager High Alpha into Schroder MM Diversity Tactical and Schroder Multi-Manager Strategic Balanced into Schroder MM Diversity Balanced.
Cazenove multi-manager duo Marcus Brookes and Robin McDonald will run the portfolios. Iain Cunningham, who works on the Schroder multi-manager funds, will remain a part of Schroders’ global multi-asset investments and portfolio solutions team with responsibilities that include co-manager of Schroder ISF Global Multi-Asset Income.
Schroders managing director of UK intermediary Robin Stoakley says: “A number of advisers in the UK are now outsourcing a significant proportion of portfolio management responsibility. It is a growing trend and one I would expect to see continue, with multi-manager as an integral part of it.
“There are a number of leading multi-managers operating in the adviser space. I believe we now have the team, the brand, the funds, the performance and the distribution reach to become the preeminent offering in the UK adviser space.”